Tellgen(SZ:300642) Huachuang Securities·2024-04-26 13:02Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 19 yuan [4][7]. Core Insights - The company's performance has been under pressure due to centralized procurement and medical compliance actions, leading to a revenue decline of 24.19% in 2023, with total revenue of 543 million yuan and a net profit of 89 million yuan, down 28.34% [4][7]. - The company has established a wholly-owned subsidiary in Singapore to accelerate its international market expansion [7]. - The report forecasts a gradual recovery in domestic business, with projected net profits of 140 million yuan, 164 million yuan, and 191 million yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 57.2%, 16.1%, and 17.3% [7][11]. Financial Summary - In 2023, the company achieved total revenue of 543 million yuan, with a year-on-year decline of 24.2%. The projected revenues for 2024, 2025, and 2026 are 697 million yuan, 810 million yuan, and 937 million yuan, respectively, indicating growth rates of 28.5%, 16.1%, and 15.7% [5][11]. - The net profit for 2023 was 90 million yuan, down 28.3%, with projections of 140 million yuan, 164 million yuan, and 191 million yuan for the following years, corresponding to growth rates of 57.2%, 16.1%, and 17.3% [5][11]. - The earnings per share (EPS) are expected to be 0.86 yuan, 0.99 yuan, and 1.17 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 16, 14, and 12 [5][11].