归母净利润高增，深度布局远程医疗“AI+IoT”

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index within the next six months [26]. Core Views - The company achieved a significant increase in net profit attributable to shareholders, with a 206.21% year-on-year growth, reaching 0.34 billion yuan in 2023, despite a revenue decline of 16.98% to 0.884 billion yuan [2][17]. - The company is focusing on expanding its remote health management services, leveraging its capabilities in "AI + IoT" to tap into the growing demand for chronic disease management solutions [3][7]. - The gross profit margin improved by 7.24 percentage points to 30.94% in 2023, indicating enhanced profitability and operational efficiency [17]. Summary by Sections Financial Performance - In 2023, the company reported revenue of 0.884 billion yuan, down 16.98%, while net profit attributable to shareholders was 0.34 billion yuan, up 206.21% [2][17]. - The gross profit margin for wearable health products was only 5.58%, while the margins for home medical and health products were 29.18% and 31.26%, respectively, reflecting a strategic shift in product focus [17]. - The company expects revenues to grow to 1.075 billion yuan in 2024, 1.274 billion yuan in 2025, and 1.457 billion yuan in 2026, with corresponding net profits of 0.54 billion yuan, 0.79 billion yuan, and 1.05 billion yuan [7][17]. Business Strategy - The company is enhancing its product matrix by introducing smart glucose meters and OTC hearing aids, while also expanding into emerging markets in the Middle East, Africa, and Southeast Asia [3]. - The remote health management (RPM) sector is a key focus, with partnerships established with leading RPM clients such as Teladoc and Livongo, aiming to create comprehensive health management solutions [3][7]. - The company is also investing in digital health services, particularly in cardiovascular disease management, to develop innovative services like digital blood pressure management and remote dynamic ECG services [3]. Cost Management and R&D - The company is actively pursuing cost reduction and efficiency improvements, with a focus on automating production lines and integrating supply chain management [18]. - R&D expenses were reduced by 20.89% to 1.08 billion yuan in 2023, as the company optimized its product structure and focused on core projects [19].