2024年一季度归母净利润增长229%，器械业务表现优秀

Investment Rating - The investment rating for the company is "Buy" [21][35]. Core Insights - The company experienced a slight revenue growth of 14.37% in 2023, achieving a total revenue of 1.154 billion yuan, while the net profit attributable to shareholders increased by 3.77% to 102 million yuan. The first quarter of 2024 showed a significant growth in net profit by 228.57% to 43 million yuan, driven by a recovery in the pharmaceutical business and sustained demand in the medical device sector [1][22]. - The company has launched a new pricing model based on per-use charges for its FibroScan devices, which is expected to generate continuous cash flow and open new growth avenues. The approval of NASH treatment drugs is anticipated to further boost the demand for related testing and screening, enhancing the sales volume of FibroScan products [2][18]. - A stock incentive plan was introduced in early 2024, aiming to grant 2.5 million shares, representing 1.14% of the total share capital, to 109 key personnel, indicating strong confidence in future growth [3][28]. Financial Performance Summary - In 2023, the company reported a revenue of 1.154 billion yuan, with a net profit of 102 million yuan. The revenue for Q4 2023 was 347 million yuan, while the first quarter of 2024 saw a revenue of 323 million yuan, marking a 33.35% increase [1][22]. - The company’s medical device segment achieved a revenue of 830 million yuan in 2023, reflecting a year-on-year growth of 35.4%, while the pharmaceutical segment faced a decline of 20.8% due to intensified market competition [1][22]. - The projected revenues for 2024-2026 are 1.607 billion yuan, 2.201 billion yuan, and 2.804 billion yuan, respectively, with expected growth rates of 39%, 37%, and 27% [7][35]. Profitability Metrics - The gross margin for 2023 was 74.74%, with a slight increase of 1.28 percentage points, while the net profit margin was 8.80%, showing a decrease of 0.90 percentage points [15]. - The company’s return on equity (ROE) is projected to rise significantly from 6.6% in 2023 to 25.4% by 2026, indicating improved profitability [9][31].