JAFRON(300529) 国泰君安·2024-05-09 06:32Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 37.10 CNY, indicating an expected increase of over 15% compared to the current price of 29.09 CNY [6][12][14]. Core Views - The company has shown a trend of operational improvement, supported by favorable external policy environments and internal team dynamics. The performance in Q1 2024 exceeded expectations, with revenue reaching 1.922 billion CNY, a decrease of 22.84% year-on-year, and a net profit of 436 million CNY, down 50.93% year-on-year [14][16]. - The company is recognized for its innovative blood purification products, which are increasingly applied in the treatment of critical diseases, enhancing patient quality of life [6][14]. - The report highlights a significant recovery in sales of blood perfusion devices, with revenue from these products increasing by 85.51% [14]. Financial Summary - Revenue: The company reported total revenue of 2,491 million CNY in 2022, with projections of 1,922 million CNY for 2023 and an expected increase to 2,966 million CNY in 2024 [6][14]. - Net Profit: The net profit for 2022 was 890 million CNY, with projections of 436 million CNY for 2023 and an increase to 1,087 million CNY in 2024 [6][14]. - Earnings Per Share (EPS): The EPS is projected to rise from 0.54 CNY in 2023 to 1.06 CNY in 2024, and further to 1.72 CNY by 2026 [14][16]. - Profitability Ratios: The report indicates a gross margin of 82.3% and an EBIT margin of 40.4% for 2022, with expectations of slight declines in the following years [6][14]. Market Position - The company operates in the medical industry, specifically focusing on blood purification technologies, which are gaining traction in treating various critical conditions [6][14]. - The report notes that the company is well-positioned to benefit from ongoing improvements in healthcare policies and increasing demand for its innovative products [14][16].