业绩符合预期，笔记本超声高速增长

Investment Rating - The report maintains a "Buy" rating for Xiangsheng Medical (688358) with a target price of 41.36 CNY over the next six months [1][6]. Core Insights - Xiangsheng Medical's main business involves the research, development, manufacturing, and sales of ultrasound medical imaging equipment, including full digital color ultrasound and black-and-white ultrasound [6]. - The company achieved a revenue of 480 million CNY in 2023, representing a 27% increase, and a net profit of 150 million CNY, up 38.4% year-on-year [9]. - The first quarter of 2024 saw a revenue of 14 million CNY, down 14.9% year-on-year, but a significant increase compared to the previous quarter [9]. - The report highlights the company's competitive advantages in technology, products, channels, brand, and service, projecting strong growth potential [6]. Financial Performance Summary - In 2023, the company reported a gross margin of 58.8%, with a slight decrease of 0.5 percentage points due to an increase in high-end product sales [9]. - The forecast for 2024-2026 indicates a net profit of 210 million CNY, 260 million CNY, and 336 million CNY, respectively, with growth rates of 44.14%, 23.59%, and 28.91% [10]. - The average PE ratio for comparable companies is projected to be 24, 20, and 16 for 2024, 2025, and 2026, respectively [6][10]. Business Growth Projections - The report anticipates a 20% annual increase in sales for technical service fees from 2024 to 2026, and a 35% increase in accessory business sales for the same period [5]. - The company is expanding its product lines, including the SonoMax and SonoAir, targeting high-end markets and enhancing its competitive position globally [9]. Market Position and Strategy - Xiangsheng Medical is positioned as a leading domestic manufacturer of ultrasound medical imaging devices, focusing on portable ultrasound as a differentiating feature [9]. - The company is actively exploring applications in aesthetic medicine, veterinary medicine, and aviation medical rescue, with significant market potential in South America and Europe [9].