Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 11.30 per share based on a PS of 7X for 2024 [4][10]. Core Views - The company's performance is steadily improving, with a reported revenue of RMB 666.9 million for 2023, representing a year-over-year increase of 21.6%. Adjusted net profit reached RMB 195.5 million, up 49.5% year-over-year, and the company achieved a net profit of RMB 135 million, marking a turnaround from losses. The gross margin improved to 76.9%, up 5.1 percentage points year-over-year, driven by changes in product mix and economies of scale [2][10]. - The core products are performing well, with significant increases in hospital admissions for key products such as Tubridge® and NUMEN® due to successful procurement bids. The company has expanded its product offerings and market presence across various provinces [2][10]. - The R&D expense ratio increased to 24.81%, reflecting the company's commitment to innovation, with several products receiving regulatory approvals and progressing through clinical trials [2][10]. Financial Forecasts - Revenue projections for 2024-2026 are RMB 866.2 million, RMB 1,147.6 million, and RMB 1,549.6 million, with growth rates of 30%, 32%, and 35% respectively. The gross margin is expected to remain stable at 73%, 74%, and 75% during the same period [8][10]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are RMB 0.42, RMB 0.59, and RMB 0.85 respectively, indicating strong growth potential [2][10]. - The company is positioned as a leader in the neuro-interventional medical device industry, with a strong market reputation and a comprehensive product line compared to competitors [10][11].
业绩稳步提升，核心产品持续亮眼表现