Investment Rating - The investment rating for the company is "Accumulate" [7][41]. Core Views - The company achieved a significant growth in 2023, with revenue reaching 361 million yuan, a year-on-year increase of 37.52%, and net profit attributable to the parent company at 117 million yuan, up 55.73% [10][32]. - The growth was primarily driven by the rapid expansion of disposable surgical consumables, which saw revenue of 220 million yuan, a 31.9% increase year-on-year [5][35]. - The company is expected to experience slight growth in Q1 2024, with revenue projected at 74 million yuan, reflecting a 9.98% increase [10][32]. Financial Performance Summary - In 2023, the company reported a gross margin of 69.69%, an increase of 1.13 percentage points, and a net profit margin of 32.53%, up 3.80 percentage points [11][17]. - The company plans to adjust its earnings forecasts for 2024 and 2025, with new projections for 2026, estimating revenues of 470 million, 610 million, and 770 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 31%, 29%, and 26% [6][39]. - The current price-to-earnings ratio (PE) is projected to be 25, 19, and 16 times for 2024, 2025, and 2026 respectively [6][39]. Business Development - The company is continuously enhancing its sales efforts and increasing product recognition in domestic and international hospitals, leading to a steady rise in disposable consumables [5][35]. - The company has developed a comprehensive self-research imaging chain for its ultra-high-definition endoscope systems, which includes optical endoscopes, light source systems, and camera systems, thereby establishing a strong technological foundation [12][39].
2023年归母净利润增长56%，一次性耗材快速放量