SINOMED(SH:688108) Southwest Securities·2024-05-07 11:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% in the next six months [29]. Core Insights - The company reported a revenue of 340 million yuan in 2023, representing a 78% increase year-on-year, while the net profit attributable to shareholders was a loss of 39.63 million yuan, which is a reduction in loss by 120 million yuan compared to the previous year [1]. - In Q1 2024, the company achieved a revenue of 91.06 million yuan, a 24.5% increase, with a net profit of 250,000 yuan, aligning with expectations [1]. - The company is advancing its international sales and accelerating its globalization strategy to counteract the normalization of centralized procurement for interventional consumables in the domestic market [2]. - The company anticipates a compound annual growth rate (CAGR) of 51.7% in revenue from 2024 to 2026, driven by the expected volume increase of coronary stents post-centralized procurement and the launch of several neuro-interventional products [10]. Financial Performance - The company’s revenue for 2023 was 343.26 million yuan, with projections of 481.61 million yuan for 2024, 834.67 million yuan for 2025, and 1.198 billion yuan for 2026, reflecting growth rates of 40.3%, 73.3%, and 43.6% respectively [11]. - The gross profit margin for 2023 was 58.9%, attributed to an increase in the proportion of coronary products in the business structure [8]. - The company expects the gross profit margins for 2024 to 2026 to be 49%, 49%, and 48% respectively, influenced by product structure changes and centralized procurement impacts [4][26]. Product Development and Market Strategy - The company is set to launch two significant neuro-interventional products: the intracranial self-expanding drug-eluting stent expected in Q4 2024 and the mesh stent anticipated to receive registration in January 2025, which are expected to drive growth [9]. - The company has established a presence in both mature markets (Europe, the US) and emerging markets (Southeast Asia, Africa), with several coronary intervention products already registered in multiple countries [2].