CHISON MEDICAL(SH:688358) Huaxin Securities·2024-04-22 07:02Investment Rating - The report maintains a "Buy" rating for the company [1][27]. Core Insights - The company has experienced a significant increase in overseas revenue, with a year-on-year growth of 41.44%, which now constitutes 87.16% of total revenue [14]. - Domestic market sales have faced short-term challenges due to regulatory impacts, but the portable ultrasound segment is expected to gradually open up new market opportunities [15]. - The integration of AI technology in ultrasound diagnostics is anticipated to enhance market penetration, especially in grassroots healthcare settings [26]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 484 million yuan, representing a year-on-year growth of 27.04%, with a net profit of 146 million yuan, up 38.39% [24]. - For Q1 2024, revenue decreased by 14.87% year-on-year to 141 million yuan, with a net profit decline of 13.28% to 46 million yuan [24]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are 703 million, 932 million, and 1,116 million yuan, respectively, with corresponding net profits of 207 million, 293 million, and 361 million yuan [16]. - The expected EPS for the same period is 1.84, 2.61, and 3.22 yuan, with PE ratios of 15.1, 10.6, and 8.6 times [16]. Market Dynamics - The company holds over 250 global market access licenses, covering various regions including the Americas, Europe, and Africa, which supports its international growth strategy [14]. - The SonoFamily product line is designed to meet diverse application needs in overseas markets, enhancing the company's competitive edge [14].