VISHEE(688580) 中国银河·2024-05-01 04:30Investment Rating - The report gives a "Cautious Recommend" rating to the company, with an expected PE ratio of 20/16/13 for 2024-2026 [60] Core Views - The company's traditional core business maintains stable growth, while new businesses gradually contribute to performance increments [60] - The company is transitioning from traditional businesses to high-end sectors such as laser and medical aesthetics [60] - The company's R&D investment in 2023 was 78.43 million yuan, accounting for 16.97% of revenue, with a year-on-year increase of 27.86% [24] Industry Overview - The number of rehabilitation medical institutions in China increased from 396 in 2014 to 810 in 2021, with an average annual increase of about 60 institutions [3] - The number of practitioners in rehabilitation medical institutions grew from 31,445 in 2014 to 87,507 in 2021, with a CAGR of 15.74% [3] - The number of outpatient and emergency visits in rehabilitation departments grew at a CAGR of 5.60% from 2014 to 2021, significantly higher than the overall growth rate of outpatient visits [3] Company Business Segments - The company's core business areas include pelvic floor and postpartum rehabilitation, mental rehabilitation, and neurological rehabilitation [4] - In the pelvic floor field, the company launched its second-generation pelvic floor magnetic stimulation product in 2023, integrating biofeedback with passive stimulation [4] - In the mental rehabilitation field, the company launched its second-generation transcranial magnetic stimulation device in 2023, significantly improving treatment effects [4] - In the neurological rehabilitation field, the company provides advanced non-invasive neuromodulation treatment methods and offers a comprehensive "Rehabilitation Loop" solution for tertiary hospitals [4] Financial Performance - In 2023, the company achieved revenue of 462.22 million yuan, a year-on-year increase of 43.72%, and net profit attributable to the parent company of 136.26 million yuan, a year-on-year increase of 45.22% [64] - In Q1 2024, the company's revenue was 88 million yuan, a year-on-year decrease of 8.24%, and net profit attributable to the parent company was 22 million yuan, a year-on-year decrease of 27.69% [15] - The company's gross profit margin in 2023 was 71.76%, with a slight decline of 0.71 percentage points year-on-year [60] R&D and Innovation - The company has established six technology platforms: magnetic stimulation, electrical stimulation, electrophysiology, robotics, laser, and radiofrequency [52] - The company's plastic magnetic product obtained FDA certification in March 2023 and domestic medical registration in November 2023, becoming the only domestically produced magnetic stimulation device for body contouring [21] - The company's first-generation rehabilitation robot products have completed the certification process, forming a product matrix covering upper and lower limb rehabilitation [25] Market Potential - The aging population in China is increasing, leading to a growing demand for rehabilitation services, especially in elderly rehabilitation [12] - The rehabilitation market is expected to accelerate due to changes in population structure and increased health awareness [11] - The company is well-positioned to benefit from the expanding rehabilitation market, particularly in the fields of pelvic floor, mental, and neurological rehabilitation [4]