MTM(SH:688029) Soochow Securities·2024-04-26 08:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report adjusts the company's net profit forecasts for 2024 and 2025 to CNY 6.12 billion and CNY 7.71 billion respectively, with a projected net profit of CNY 9.68 billion for 2026, corresponding to valuations of 21X, 17X, and 13X [1] Financial Performance Summary - In 2023, the company achieved total revenue of CNY 2.41 billion, representing a year-on-year growth of 21.78%, and a net profit of CNY 485.92 million, up 47.01% [10] - The company's operating cash flow for 2023 was CNY 546 million, with a projected increase to CNY 990 million in 2024 [4] - The gross profit margin for the company's hemostatic and closure products was 76.29% in 2023, reflecting a slight increase of 0.69 percentage points [9] - The company reported a net profit margin of 20.51% for 2023, which further improved to 23.78% in Q1 2024 [11] Revenue Breakdown - The revenue from hemostatic and closure products reached CNY 921 million in 2023, growing by 27.07% [9] - The company’s domestic market revenue was CNY 1.35 billion, an increase of 18.21%, while overseas market revenue was CNY 1.04 billion, up 25.80% [18] Future Outlook - The company is expanding its overseas market presence by establishing a production base in Thailand and acquiring distribution companies in Portugal and Switzerland [18] - The company aims to enhance its marketing management and optimize its compensation assessment system to reduce sales costs and improve overall gross margins [18]