VISHEE(688580) 东方财富证券·2024-05-15 09:30Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - Despite short-term pressure on business due to factors like a slowdown in bidding in Q1 2024, the company's core business continues to show comprehensive growth, and new businesses are expected to contribute additional growth in the second half of the year [7] - The company achieved a revenue of 462.22 million yuan in 2023, representing a year-on-year growth of 43.72%, and a net profit attributable to shareholders of 136.26 million yuan, up 45.22% year-on-year [1][8] Performance Summary - In 2023, the company reported operating revenue of 462.22 million yuan, a year-on-year increase of 43.72% - The net profit attributable to shareholders reached 136.26 million yuan, growing by 45.22% year-on-year - The first quarter of 2023 saw a revenue of 88 million yuan, a decrease of 8.24% year-on-year, and a net profit of 22 million yuan, down 27.69% year-on-year, primarily due to external factors like a slowdown in bidding [1] Product Performance - The revenue from magnetic stimulation products was 199.55 million yuan, up 46.59% year-on-year - Revenue from electrical stimulation products was 62.94 million yuan, growing by 6.8% - Electrophysiological products generated 64.78 million yuan, a 30.67% increase - Consumables and accessories revenue reached 76.18 million yuan, up 30.68% - Laser radiofrequency products saw a significant increase in revenue to 37.33 million yuan, up 476.5% [1] Research and Development - The company invested 58 million yuan in R&D in 2023, an increase of 31.83% year-on-year, with an R&D expense ratio of 12.47%, a decrease of 1.12 percentage points - The company applied for 36 new patents, including 16 invention patents, and received 47 new patent grants [1] Financial Metrics - The company's management expense ratio was 10.27%, down 1.59 percentage points year-on-year - The sales expense ratio was 26.75%, down 1.71 percentage points year-on-year - The sales gross margin was 71.76%, a decrease of 0.71 percentage points year-on-year, while the net profit margin was 29.48%, an increase of 0.31 percentage points year-on-year [1]