UIH(SH:688271) East Money Securities·2024-05-20 08:00Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has shown strong performance with a revenue of 11.41 billion yuan in 2023, representing a year-on-year growth of 23.52%. The net profit attributable to shareholders reached 1.97 billion yuan, up 19.21% year-on-year [3] - The company is experiencing rapid growth in high-end products and is expanding its international market presence. The growth in high-end equipment is expected to continue due to the gradual implementation of large equipment replacement policies [7] - The company has a strong innovation strategy, with R&D expenses increasing by 32.33% year-on-year to 1.73 billion yuan, representing 16.81% of revenue [3][7] Summary by Sections Performance Overview - In 2023, the company achieved operating revenue of 11.41 billion yuan, a 23.52% increase year-on-year. The net profit attributable to shareholders was 1.97 billion yuan, up 19.21% year-on-year. In Q1 2024, revenue was 2.35 billion yuan, growing 6.22% year-on-year, while net profit was 363 million yuan, a 10.2% increase [3] - The company's equipment revenue reached 9.93 billion yuan in 2023, with significant growth in MR and XR business lines, particularly a 58.5% increase in MR revenue [3] International Expansion - The company reported overseas revenue of 1.66 billion yuan in 2023, a 53.97% increase year-on-year, with overseas revenue accounting for 14.70% of total revenue [3] - The company has obtained over 700 certifications in 54 countries/regions, with 45 products receiving CE certification and 44 products approved for sale in the U.S. [3] Innovation and R&D - R&D expenses for 2023 were 1.73 billion yuan, a 32.33% increase year-on-year, with a total of 9,944 intellectual property applications [3] - The company is enhancing collaboration with top universities and hospitals to drive significant medical advancements [3] Financial Projections - The company expects revenues of 13.996 billion yuan, 17.115 billion yuan, and 20.991 billion yuan for 2024, 2025, and 2026, respectively. Net profits are projected to be 2.443 billion yuan, 3.074 billion yuan, and 3.808 billion yuan for the same years [7][8]