Lifotronic(SH:688389) Xinda Securities·2024-04-22 08:30Investment Rating - The report assigns a "Buy" rating for the company Pumen Technology (688389.SH) [8]. Core Views - The company has experienced rapid growth in performance since 2020, with revenue increasing from 423 million to 1.146 billion yuan from 2019 to 2023, representing a CAGR of 28.30%. The net profit attributable to the parent company rose from 101 million to 329 million yuan during the same period, with a CAGR of 34.34% [13][19]. - The dual-driven model of in vitro diagnostics and rehabilitation treatment has shown strong performance, particularly in the rehabilitation business, which achieved a revenue of 304 million yuan in 2023, growing by 33.79% year-on-year [19][23]. - The company is focusing on high-value medical beauty business, with expectations for significant growth in this segment, projected to exceed 50% in 2024 [30]. Summary by Sections Company Performance - The company has shown a continuous high growth trend, with 2023 revenue reaching 1.146 billion yuan, a year-on-year increase of 16.6%, and a net profit of 329 million yuan, up 30.66% year-on-year [13][19]. - The comprehensive gross margin for 2023 was 65.81%, reflecting an improvement due to optimized product structure and increased sales of high-margin medical beauty products [16]. Business Segments - The in vitro diagnostics segment generated 829 million yuan in revenue in 2023, with a gross margin of 65.22%, driven by enhanced product competitiveness and increased clinical applications [23][27]. - The rehabilitation treatment segment's revenue reached 304 million yuan in 2023, with a gross margin of 70.83%, supported by the growth of core clinical medical products and accelerated promotion of medical beauty products [23][30]. Profit Forecast and Investment Recommendations - Revenue forecasts for 2024-2026 are projected at 1.43 billion, 1.72 billion, and 2.03 billion yuan, with year-on-year growth rates of 25.1%, 20.2%, and 17.7% respectively. Net profits are expected to be 432 million, 535 million, and 646 million yuan, with corresponding growth rates of 31.4%, 23.9%, and 20.7% [34][35]. - The company is expected to maintain a high growth trajectory, focusing on in vitro diagnostics and rehabilitation treatment, with the medical beauty business accelerating its development [33].