业绩发展稳健，费用持续优化

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company's performance remains stable with continuous optimization of expenses [2] - Core businesses show highlights: - Respiratory therapy business revenue reached 3.37 billion yuan (+50.6%) in 2023, with key products like ventilators, oxygen concentrators, and nebulizers growing at +60%, +30%, and +60% respectively [2] - Diabetes care business revenue reached 730 million yuan (+37.1%) in 2023, with the new 14-day calibration-free CGM product CT3 expected to drive growth in 2024 [2] - Home electronics business revenue reached 1.67 billion yuan (+10.1%) in 2023, with electronic blood pressure monitors growing over 20% [2] - Infection control business revenue declined to 760 million yuan (-36.2%) in 2023 due to high base effects [2] - Emergency care business revenue reached 160 million yuan (+8.0%) in 2023, with the self-developed AED product M600 expanding globally [2] - Rehabilitation and clinical equipment business revenue declined to 1.22 billion yuan (-12.8%) in 2023, but products like wheelchairs and acupuncture needles maintained good growth [2] Financial Performance - 2023 revenue: 7.97 billion yuan (+12.3%), net profit: 2.4 billion yuan (+50.2%) [2] - 2024 Q1 revenue: 2.23 billion yuan (-17.4%), net profit: 660 million yuan (-7.6%) [2] - 2023 gross margin: 51.5% (+3.4pp), net margin: 29.8% (+7.7pp) [2] - Expense ratios in 2023: sales 13.8% (-0.7pp), management 5.2% (-0.8pp), R&D 6.3% (-0.7pp), financial -2.0% (-0.6pp) [2] Strategic Direction - The company adheres to the strategy of "Innovation Reshaping Medical Devices" and focuses on three core sectors: respiratory, POCT, and infection control [3] - The company is also developing incubation businesses (emergency, ophthalmology, rehabilitation) and cornerstone businesses (blood pressure monitoring, temperature monitoring, TCM equipment, surgical instruments) while advancing internationalization [3] Business Projections - Revenue projections for 2024-2026: 9/10.3/11.9 billion yuan [3] - Net profit projections for 2024-2026: 2.3/2.6/3.0 billion yuan [3] - PE ratios for 2024-2026: 16/14/12x [3] Key Assumptions - Respiratory oxygen supply: Expected growth of 20% annually from 2024-2026, with gross margin of 56.5% [8] - Diabetes care: Expected growth of 30% annually from 2024-2026, with gross margin increasing from 63% to 67% [8] - Infection control solutions: Expected growth of 10% annually from 2024-2026, with gross margin of 50% [8] - Home electronic testing and IVD: Expected growth of 5% annually from 2024-2026, with gross margin of 50% [8] - Rehabilitation and clinical equipment: Expected stable growth from 2024-2026, with gross margin increasing from 34% to 35% [8] - Emergency care: Expected growth of 10% annually from 2024-2026, with gross margin of 32% [8] Financial Metrics - 2023 ROE: 19.94%, expected to stabilize around 16% from 2024-2026 [4] - 2023 EPS: 2.39 yuan, expected to grow to 2.98 yuan by 2026 [4] - 2023 PB: 3.12x, expected to decline to 2.02x by 2026 [4] - 2023 dividend yield: 1.63%, expected to range between 1.28%-1.41% from 2024-2026 [12]