UIH(SH:688271) Guoxin Securities·2024-05-15 03:30Investment Rating - The investment rating for the company is "Accumulate" [4][19]. Core Views - The company demonstrated resilience in its performance with a revenue of 11.41 billion yuan (+23.52%) and a net profit of 1.97 billion yuan (+19.21%) in 2023, despite industry adjustments [5][19]. - The company is expected to continue its growth trajectory with projected revenues of 13.93 billion yuan, 16.81 billion yuan, and 20.25 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 22.0%, 20.7%, and 20.5% [19][21]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 11.41 billion yuan (+23.52%) and a net profit of 1.97 billion yuan (+19.21%). The fourth quarter of 2023 saw a revenue of 3.98 billion yuan (+17.72%) and a net profit of 910 million yuan (+20.17%) [5][19]. - The first quarter of 2024 reported a revenue of 2.35 billion yuan (+6.22%) and a net profit of 363 million yuan (+10.20%) [5][19]. Product Sales and Services - Equipment sales grew steadily, with a total revenue of 9.93 billion yuan (+21.1%) in 2023. The revenue from CT, MR, MI, XR, and RT product lines increased by 7.8%, 58.5%, 1.4%, 32.8%, and 6.9% respectively [11][19]. - The maintenance service business saw rapid growth, achieving a revenue of 1.07 billion yuan (+42.8%), accounting for 9.4% of total revenue [11][19]. - Software business revenue surged to 174 million yuan (+124.85%), driven by digitalization efforts and a low base from the previous year [11][19]. Market Expansion - The domestic market revenue reached 9.73 billion yuan (+22%), while international market revenue grew by 56% to 1.68 billion yuan, increasing its share to 15% [14][19]. - The company has made significant strides in international markets, with 45 products obtaining CE certification and 44 products passing FDA 510(k) registration, covering over 65 countries and regions [14][19]. Cost and Margin Analysis - The gross margin for 2023 was 48.48% (+0.12 percentage points), with increases in the proportion of mid-to-high-end product sales and maintenance services [2][19]. - The total expense ratio increased to 34.26% (+2.16 percentage points), driven by higher sales, management, and R&D expenses as the company invests in technology and talent [2][19].