核心业务稳定增长，持续拓展海外市场

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company's main products have shown steady growth, with the minimally invasive surgery business experiencing significant growth [1]. - Continuous investment in research and development is strengthening the company's core competitiveness [2]. - The establishment of overseas subsidiaries is expanding the company's international market coverage [3]. Financial Performance Summary - In 2023, the company achieved revenue of 618.30 million yuan, a year-on-year increase of 22.18%, and a net profit attributable to the parent company of 147.61 million yuan, up 51.62% [11]. - The company expects revenues of 780.11 million yuan, 981.38 million yuan, and 1,223.73 million yuan for 2024, 2025, and 2026 respectively, with net profits of 200.50 million yuan, 250.99 million yuan, and 328.47 million yuan for the same years [3][4]. - The gross profit margin for 2023 was 58.20%, remaining stable year-on-year [12]. Growth Drivers - The increase in sales is attributed to the implementation of national financial subsidy loan policies, which significantly boosted sales [11]. - The obstetric care equipment business generated revenue of 358 million yuan, a 20.17% increase, due to the introduction of new high-end products and optimization of product structure [11]. - The minimally invasive surgical instruments business saw revenue of 245 million yuan, a 24.48% increase, driven by the release of collective procurement [11]. International Expansion - In 2023, overseas revenue reached 208 million yuan, a year-on-year increase of 25.93%, with the establishment of a subsidiary in Portugal to serve as a base for overseas research, production, and sales [12]. - The company has provided technical and product services to over 140 countries and regions globally [12].