MTM(688029) 申万宏源·2024-04-30 05:32Investment Rating - The report maintains a "Buy" rating for the company, citing its strong performance and growth potential [6][8] Core Viewpoints - The company's 2023 and 2024Q1 results met expectations, with 2023 revenue reaching 2.411 billion yuan, a 22% YoY increase, and net profit attributable to shareholders reaching 486 million yuan, a 47% YoY increase [6] - The company's 2024Q1 revenue was 620 million yuan, a 13% YoY increase, with net profit attributable to shareholders at 143 million yuan, a 41% YoY increase [6] - The company's cost reduction and efficiency improvement measures, along with its overseas expansion, are key drivers of its growth [2][6] Regional and Product Performance - In 2023, the company's revenue in the Asia-Pacific region was 1.3 billion yuan, an 18.9% YoY increase, while EMEA revenue was 411 million yuan, a 30.9% YoY increase, and MTU revenue was 471 million yuan, a 22.6% YoY increase [7] - Revenue from endoscopic consumables reached 2.022 billion yuan, a 26.36% YoY increase, with EMR/ESD products contributing 351 million yuan, a 37.94% YoY increase, and ERCP products contributing 173 million yuan, a 57.6% YoY increase [7] Financial Metrics - The company's gross margin improved to 64.50% in 2023 and 68.31% in 2024Q1, up from 60.95% in 2022, driven by cost control and increased direct sales [8] - The company's sales expense ratio was 23.74% in 2023, while the management expense ratio was 13.63%, and the R&D expense ratio was 6.25%, showing a downward trend in overall expense ratios [8] Future Projections - The report slightly lowers the company's 2024-2025 profit forecasts, with expected net profit attributable to shareholders of 611 million yuan and 769 million yuan, respectively, and introduces a 2026 forecast of 1.008 billion yuan [8] - The company's 2024 P/E ratio is 22x, lower than the industry average of 30x, supporting the "Buy" rating [8]