医疗终端业务发力成长，业绩有望加速修复

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing a strategic adjustment, with a focus on enhancing its product lineup and brand image, which is expected to contribute to future growth [8] - The first quarter of 2024 shows a positive revenue growth, indicating that the strategic adjustments are beginning to yield results [8] - The medical terminal business is performing well, with significant growth in both volume and pricing, and expansion into international markets [8] Financial Performance Summary - For the full year of 2023, the company reported revenue of 6,075.92 million yuan, a decrease of 4.45% year-on-year, and a net profit attributable to shareholders of 592.56 million yuan, down 38.97% [7] - In Q4 2023, revenue was 1,854 million yuan, a decline of 9.04%, with a net profit of 78 million yuan, down 73.37% [7] - In Q1 2024, revenue increased to 1,361 million yuan, up 4.24%, and net profit rose to 243 million yuan, an increase of 21.39% [7] - The raw materials and medical terminal businesses showed robust growth, with revenues of 1,129 million yuan and 1,090 million yuan, respectively, representing year-on-year increases of 15.22% and 58.95% [7] - The gross margin for 2023 was 73.32%, down 3.67 percentage points year-on-year, while the net margin was 9.59%, down 5.53 percentage points [7] Future Outlook - The company is expected to achieve revenues of 65.04 billion yuan in 2024, with a growth rate of 7.05%, and a net profit of 791 million yuan, reflecting a growth rate of 33.51% [8] - The company aims to maintain a valuation of 39-43 times earnings for 2024, with a target price range of 63.96 to 70.52 yuan [8]