Investment Rating - The report maintains a "Buy" rating for Huakang Medical (301235.SZ) [4][9][14] Core Views - Huakang Medical reported a revenue of 1.6 billion (up 34.7%) for 2023, primarily driven by its medical purification system integration business and medical consumables sales. The net profit attributable to shareholders was 110 million (up 4.7%) [9] - In Q1 2024, the company achieved a revenue of 230 million (down 4.4%) and a net loss of 32 million (down 85.3%), attributed to high personnel growth and operational cost increases [9] - The core business of medical purification integration continues to grow rapidly, with significant increases in sales expenses and R&D investments [9] Financial Summary - Revenue Forecast: - 2024E: 2.09 billion (up 30.4%) - 2025E: 2.62 billion (up 25.28%) - 2026E: 3.23 billion (up 23.34%) [3][9] - Net Profit Forecast: - 2024E: 158 million (up 46.86%) - 2025E: 210 million (up 33.22%) - 2026E: 284 million (up 35.16%) [3][9] - Earnings Per Share (EPS): - 2024E: 1.49 - 2025E: 1.99 - 2026E: 2.69 [3][9] - Price-to-Earnings (P/E) Ratio: - 2024E: 13.57 - 2025E: 10.19 - 2026E: 7.54 [3][9] Business Strategy - The company focuses on a "two main, three auxiliary" strategy, aiming to establish itself as a benchmark in the medical purification industry. It has secured significant contracts and awards, enhancing its reputation in the market [9] - As of the end of 2023, the company had a backlog of orders amounting to 2.21 billion, primarily in the medical purification integration business [9]
2023年报及2024一季度报告点评：聚焦两主三副，打造医疗净化行业标杆