2023年年报业绩点评：收入恢复快速增长，利润业绩扭亏为盈

Investment Rating - The report maintains a "Buy" rating for Yingkang Life (300143) [1] Core Views - The company achieved a total revenue of 1.471 billion yuan in 2023, representing a year-on-year growth of 27.20%, and a net profit attributable to shareholders of 100.44 million yuan, up 116.85% year-on-year [1] - The medical device segment has shown rapid growth, with revenue reaching 322 million yuan in 2023, a year-on-year increase of 101.69%, supported by acquisitions and continuous investment in R&D [2] - The medical services segment also performed well, with revenue of 1.149 billion yuan in 2023, a year-on-year increase of 15.28%, and a surgical volume increase of 20% [12] Financial Forecasts and Valuation - The company forecasts total revenue for 2024 to be 1.827 billion yuan, with a projected net profit of 144 million yuan, reflecting a growth rate of 43% [13] - The estimated P/E ratios for 2024, 2025, and 2026 are 36, 27, and 22 respectively, indicating a favorable valuation as the company enters a phase of accelerated profit growth [13] - The operating cash flow for 2023 was 190 million yuan, with expectations of continued improvement in cash flow management [7]