公司深度研究：经营业绩柳暗花明,创新推广拾级而上

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price of RMB 33.31 per share [49][42]. Core Insights - The company, as a leader in the blood perfusion device industry, is expected to recover from a temporary performance downturn and return to a growth trajectory starting in Q1 2024, with revenue projected to reach RMB 7.44 billion, a year-on-year increase of 30% [41][96]. - The historical gross margin for the company's blood perfusion products has remained stable around 88%, indicating a strong profitability outlook despite price adjustments [70][99]. - The frequency of blood perfusion treatment is anticipated to increase due to lower treatment costs for dialysis patients, which will directly benefit the company [41][108]. Summary by Sections Company Overview - The company has experienced a significant growth phase prior to 2022, with sales revenue increasing by over 30% annually and profits growing by more than 35% for five consecutive years [41][96]. - The company has established strong R&D capabilities, holding 307 valid patents, including 87 invention patents, and has formed partnerships with over 80 major hospitals for clinical research [16]. Financial Performance - The company reported a revenue of RMB 2.49 billion in 2022, which decreased to RMB 1.92 billion in 2023, but is expected to rebound to RMB 3.30 billion in 2024, reflecting a growth rate of 71% [53]. - The net profit attributable to the parent company is projected to increase from RMB 436 million in 2023 to RMB 898 million in 2024, representing a growth of 105.67% [53]. Market Dynamics - The report highlights the potential for increased usage of blood perfusion devices due to supportive policies and the promotion of blood perfusion technology by experts in the field [108]. - The company is positioned to benefit from the expansion of its product line into new applications, particularly in the fields of liver disease and critical care, which are expected to contribute to long-term revenue growth [18][83]. Competitive Landscape - The competitive landscape is described as favorable, with manageable risks associated with product procurement policies [13]. - The company maintains a dominant market position in the domestic blood perfusion device market, supported by its technological advantages and established market presence [15].