Furui Co.,Ltd(SZ:300049) EBSCN·2024-05-05 03:07Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [8]. Core Insights - The company's medical device business is experiencing rapid growth, with a projected increase in net profit margins. In 2023, the medical device segment generated revenue of 831 million yuan, a year-on-year increase of 35.4%, primarily driven by the sales of diagnostic equipment [4][15]. - The company is positioned as a leader in non-invasive screening for MASH (Metabolic Associated Steatotic Liver Disease), with its Fibroscan series products being included in liver disease detection guidelines by several authoritative institutions [4][15]. - The overall gross margin for the company improved to 74.7% in 2023, up 1.3 percentage points year-on-year, with the medical device segment achieving a gross margin of 89.8% [21]. Financial Summary - Revenue is projected to grow from 1,009 million yuan in 2022 to 2,603 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 26.01% [5]. - Net profit is expected to increase significantly, from 98 million yuan in 2022 to 457 million yuan in 2026, with a notable growth rate of 105.12% in 2024 [5]. - Earnings per share (EPS) are forecasted to rise from 0.37 yuan in 2022 to 1.74 yuan in 2026, indicating strong profitability growth [5]. Profitability Metrics - The company's EBITDA margin is projected to improve from 24.5% in 2022 to 36.4% by 2026, reflecting enhanced operational efficiency [21]. - The return on equity (ROE) is expected to increase from 6.3% in 2022 to 18.0% in 2026, showcasing improved shareholder returns [5][21]. Market Position - The company is actively expanding its product distribution across major markets in Europe, Asia, and North America, enhancing its competitive position in the MASH screening market [15].