Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's performance met expectations, with core product lines showing robust growth. In 2023, the company achieved operating revenue of 2.854 billion yuan, a year-on-year decrease of 4.14%, and a net profit attributable to shareholders of 254 million yuan, down 15.71% year-on-year. The first quarter of 2024 saw operating revenue of 807 million yuan, a year-on-year decrease of 5.64%, with a net profit of 101 million yuan, down 24.75% year-on-year [2][4] - The company has accelerated the expansion of its hearing aid retail stores, achieving significant growth in revenue from this segment. By the end of 2023, the company had signed contracts for 820 hearing aid centers, with 765 already opened, covering 20 provincial-level markets and 128 prefecture-level markets. The hearing aid segment generated revenue of 198 million yuan in 2023, a year-on-year increase of 63.99% [2][4] - The company is expected to achieve breakeven in the hearing aid segment by 2025, with projections indicating that the number of stores could reach 2,000 to 3,000, contributing profits of 300 to 500 million yuan [4][5] Financial Performance Summary - In 2023, the company reported operating revenue of 2.854 billion yuan, with a year-on-year decline of 4.1%. The net profit attributable to shareholders was 254 million yuan, down 15.7% year-on-year. The gross margin was 43.3% [7][9] - Forecasts for 2024 to 2026 indicate operating revenues of 3.406 billion yuan, 4.069 billion yuan, and 4.836 billion yuan, with corresponding growth rates of 19.4%, 19.5%, and 18.9%. Net profits are projected to be 355 million yuan, 468 million yuan, and 582 million yuan, with growth rates of 39.5%, 32.0%, and 24.5% respectively [5][7] - The earnings per share (EPS) for 2024 to 2026 are expected to be 1.69 yuan, 2.24 yuan, and 2.78 yuan, with price-to-earnings (P/E) ratios of 22x, 17x, and 14x respectively [5][7]
业绩符合预期，健耳听力高速增长，前景可期