YUYUE MEDICAL(SZ:002223) Guotai Junan Securities·2024-04-29 02:02Investment Rating - The investment rating for Yuyue Medical is maintained at "Buy" with a target price of 44.22 CNY, which corresponds to a PE ratio of 22X for 2024 [1][2]. Core Views - The report indicates that Yuyue Medical's performance in 2023 was strong, driven by segments such as respiratory oxygen and blood glucose monitoring, with a revenue increase of 12% year-on-year to 7.972 billion CNY. However, growth is expected to face pressure due to high base effects in 2024, with a projected revenue of 8.572 billion CNY, reflecting a growth rate of 12% [1][2]. Summary by Sections Performance Review - In 2023, Yuyue Medical's revenue reached 7.972 billion CNY, up 12% year-on-year, while the net profit attributable to shareholders was 2.396 billion CNY, representing a 50% increase. The first quarter of 2024 is expected to see a decline in growth rates due to high base effects, with a projected revenue of 8.572 billion CNY [1][2]. Revenue Breakdown - The respiratory oxygen segment generated 3.371 billion CNY in 2023, growing by 51%. The diabetes product line also showed significant growth, with a revenue increase of 37% to 1.64 billion CNY. The home electronics segment achieved a revenue of 1.674 billion CNY, reflecting a 10% growth [1][2]. Financial Forecast - The financial forecast for 2024 estimates a revenue of 8.572 billion CNY, with a net profit of 2.058 billion CNY, indicating a decrease of 14% compared to 2023. The EPS for 2024 is projected at 2.39 CNY, down from 2.05 CNY in 2023 [1][2]. Valuation Metrics - The report highlights that the company's PE ratio is expected to decrease from 15.34 in 2023 to 17.86 in 2024, while the PB ratio is projected to decline from 2.95 to 2.72 over the same period. The dividend yield is expected to remain stable at around 0.8% [1][2].