设备市占率提升，海外市场快速拓展

Investment Rating - The report suggests maintaining attention on the company due to its continuous growth and market potential [1][4]. Core Insights - The company achieved a significant revenue increase of 80.65% in 2023, reaching 690 million yuan, with a net profit of 194.5 million yuan, up 228.34% [1]. - The first quarter of 2024 saw a revenue decline of 16.03% to 160 million yuan, with a net profit drop of 54.10% to 34 million yuan [1]. - The company has a strong market presence in blood purification equipment, with a 22.92% market share in CRRT, ranking first in sales among domestic brands [1]. - The company is expanding its international market presence, achieving sales in 75 countries, with overseas revenue growing by 91.65% in 2023 [1]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 690.11 million yuan, with a year-on-year growth rate of 80.65% [6]. - The net profit attributable to the parent company was 194.50 million yuan, reflecting a growth rate of 228.34% [6]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, amounting to 70 million yuan, which is 36.94% of the net profit [1]. Market Position - The company has rapidly increased its market share in blood purification devices, with a revenue of 528 million yuan in 2023, up 118.48% year-on-year [21]. - The blood purification consumables segment generated 102 million yuan in revenue, a 32.99% increase from the previous year [1]. Research and Development - The company invested 38.03 million yuan in R&D in 2023, a 42.6% increase, resulting in the acquisition of multiple patents and medical device registrations [1]. - The gross margin improved to 54.07%, driven by the higher proportion of high-margin blood purification equipment sales [1]. Future Projections - The company forecasts profits of 250 million yuan, 350 million yuan, and 460 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 21, 15, and 11 [1][4]. - The blood purification equipment segment is expected to grow at rates of 3%, 21%, and 3% from 2024 to 2026, while consumables are projected to grow significantly [20].