Double Medical(002901) 国泰君安·2024-05-09 06:32Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4][16]. Core Views - The impact of centralized procurement is gradually clearing, and the performance trend is expected to improve [2][4]. - The target price is set at 43.05, consistent with the previous forecast [2][4]. - The company achieved a revenue of 15.33 billion in 2023, representing a year-on-year increase of 6.9%, while the net profit attributable to the parent company was 0.59 billion, down 36.3% [2][4]. Financial Summary - 2023 Performance: Revenue was 15.33 billion (+6.9%), net profit was 0.59 billion (-36.3%), and non-recurring net profit was 0.11 billion (-88.5%) [2][4]. - 2024 Q1 Performance: Revenue reached 4.27 billion (+9.2%), with a net profit of 0.62 billion (+6.1%) [2][4]. - 2024 Forecast: Expected revenue of 20.31 billion, with net profit projected at 1.24 billion [5][2]. Business Segments - The trauma and spine segments remain under pressure, while the joint segment shows good growth [2][4]. - Non-orthopedic business is developing rapidly, with significant overseas performance, achieving revenues of 2.87 billion, 0.81 billion, and 0.52 billion in micro-invasive surgery, neurosurgery, and dental segments respectively, with growth rates of 50%, 73%, and 111% [2][4]. Valuation Metrics - The company is projected to have an EPS of 0.73 for 2024, with a target PE of 35X, maintaining the target price of 43.05 [2][4]. - The current market capitalization is 13.298 billion, with a circulating share ratio of 85% [2][4].