CISEN(603367) 国投证券·2024-05-01 06:00Investment Rating - The investment rating for the company is "Buy-A" with a target price of 21.42 CNY for the next 6 months [1][12]. Core Insights - The company is expected to benefit from the recovery in demand for large-volume infusion products and continuous expansion of new products, leading to steady growth [11]. - The overall gross margin for the company improved to 58.79% in 2023, an increase of 2.80 percentage points year-on-year [11]. - The company’s revenue and net profit for Q1 2024 were 1.149 billion CNY and 163 million CNY, respectively, representing year-on-year growth of 1.28% and 4.50% [11]. Financial Performance - The company is projected to achieve revenues of 4.956 billion CNY, 5.437 billion CNY, and 5.868 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.06%, 9.69%, and 7.94% [25]. - The expected net profits for 2024, 2025, and 2026 are 573 million CNY, 623 million CNY, and 674 million CNY, with growth rates of 9.8%, 8.7%, and 8.3% [12][25]. - The earnings per share (EPS) for 2024 is estimated to be 1.26 CNY, with a price-to-earnings (PE) ratio of 17 times [12][32]. Market Position and Industry Outlook - The large-volume infusion industry has seen an improvement in supply-demand dynamics, which is expected to enhance the company's profitability [5][11]. - The company has successfully bid for several new products in the eighth batch of centralized procurement, which is anticipated to drive rapid sales growth [11]. - The overall market for medical institutions is recovering, with the total number of medical visits in China increasing from 460 million in January 2023 to 602 million in August 2023 [11].