科创板公司动态研究：集采影响已过，业绩进入增长期

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6][19]. Core Views - The impact of centralized procurement has passed, and the company's performance is entering a growth phase [1]. - The company has shown continuous improvement in innovation and R&D capabilities, with significant product upgrades and clinical needs being met [2]. - The company is expected to achieve revenue growth in the coming years, with projected revenues of 6.10 billion, 7.73 billion, and 9.52 billion for 2024, 2025, and 2026 respectively [19]. Financial Performance Summary - In 2023, the company reported revenue of 460 million, a year-on-year decrease of 29.08%, and a net profit of 96 million, down 49.91% [1]. - For Q1 2024, the company achieved revenue of 86.43 million, a decline of 46.26%, with a net profit of -2.10 million [1]. - The company’s R&D investment in 2023 was 65.22 million, an increase of 8.02% year-on-year, representing 14.17% of total revenue [2]. - The company’s sales of spinal products increased by 32.07%, and the number of distributors for consumables grew by 60% in 2023 [7]. Growth Projections - The report forecasts a revenue growth rate of 33% for 2024, followed by 27% in 2025 and 23% in 2026 [20]. - The projected net profit growth rates are 75% for 2024, 27% for 2025, and 29% for 2026 [20]. - The report anticipates an increase in ROE from 5% in 2023 to 11% by 2026 [20].