2023年报点评：业绩基本符合预期，聚焦脑机接口应用

Investment Rating - The report maintains a "Hold" rating for the company [8][15]. Core Insights - The company achieved a revenue of 1.176 billion yuan in 2023, representing a year-on-year growth of 20.63%. The net profit attributable to shareholders was 170 million yuan, up 36.3% year-on-year [1]. - The smart manufacturing segment saw a revenue of 850 million yuan, growing by 20.92%, while the rehabilitation medical segment generated 325 million yuan, with a growth of 19.89% [1]. - The company is focusing on the application of brain-computer interfaces in rehabilitation, aiming to shift from passive to active recovery [1]. - R&D expenses increased to 73.5 million yuan, a growth of 15.46%, with a R&D expense ratio of 6.25% [1]. - The company’s management expense ratio decreased to 7.31%, and the sales expense ratio fell to 9.5%, indicating improved profitability [1]. Summary by Sections Performance Overview - In 2023, the company reported total revenue of 1.176 billion yuan, a 20.63% increase year-on-year. The net profit attributable to shareholders was 170 million yuan, reflecting a 36.3% increase [1]. - For Q4 2023, revenue was 247 million yuan, down 11.56% year-on-year, and net profit was 42 million yuan, down 14.39% [1]. Smart Manufacturing - The smart manufacturing segment generated 850 million yuan in revenue, a 20.92% increase, with a net profit of 85 million yuan, up 42.92% [1]. - The company is expanding its capabilities in synthetic biology and green manufacturing, contributing to growth in non-pharmaceutical sectors [1]. Rehabilitation Medical - The rehabilitation medical segment achieved 325 million yuan in revenue, a 19.89% increase, with a net profit of 85 million yuan, up 30.30% [1]. - The company collaborates with multiple educational institutions to explore brain-computer interface applications in rehabilitation [1]. R&D Investment - R&D expenses reached 73.5 million yuan, a 15.46% increase, with a R&D expense ratio of 6.25% [1]. - The company has obtained 10 new medical device registrations in 2023, bringing the total to 94 [1]. Cost and Profitability - The management expense ratio decreased to 7.31%, and the sales expense ratio fell to 9.5% [1]. - The gross profit margin improved to 42.93%, and the net profit margin increased to 14.27% [1].