DIRUI(SZ:300396) Guotai Junan Securities·2024-04-23 10:02Investment Rating - The report maintains a rating of "Buy" for Dirui Medical, with a target price raised to 31.00 CNY from the previous 29.50 CNY, while the current price is 24.21 CNY [3][22]. Core Insights - The company's revenue for 2023 reached 1.378 billion CNY, reflecting a growth of 12.95%, while the net profit attributable to shareholders was 276 million CNY, up by 5.30% [22]. - The report highlights that the delivery schedule has caused quarterly fluctuations in performance, with Q4 2023 revenue at 329 million CNY, down 21.12%, and Q1 2024 revenue expected to rise significantly to 663 million CNY, an increase of 99.60% [22]. - Domestic market installations are actively advancing, with expectations for reagent sales to increase, supported by enhanced marketing efforts and product installations in hospitals [22]. - The international market is also seeing increased investment and localization efforts, with notable growth in countries like Russia, Indonesia, and India, contributing to a 31.61% increase in international revenue to 547 million CNY in 2023 [22]. Financial Summary - For 2022, the company reported a revenue of 1.22 billion CNY, with projections for 2023 at 1.378 billion CNY, and expected growth to 2.285 billion CNY in 2024, representing a 66% increase [2]. - The operating profit (EBIT) for 2023 is projected at 251 million CNY, with a significant increase to 447 million CNY expected in 2024 [2]. - The net profit attributable to shareholders is forecasted to grow from 276 million CNY in 2023 to 424 million CNY in 2024, marking a 54% increase [2]. Profitability and Valuation Metrics - The operating profit margin is expected to stabilize around 19.6% in 2024, with a net asset return rate projected to increase to 18.5% [2]. - The report indicates a PE ratio of 16.07 for 2024, suggesting a favorable valuation compared to historical performance [2].