Double Medical(SZ:002901) INDUSTRIAL SECURITIES·2024-05-23 05:01Investment Rating - The report assigns an "Increase" rating for the company, indicating a positive outlook for its stock performance [6][24]. Core Insights - The company, Dabo Medical, reported a revenue of 1.533 billion yuan in 2023, representing a year-on-year growth of 6.9%. However, the net profit attributable to shareholders decreased by 36.05% to 59 million yuan [5][26]. - The impact of centralized procurement is gradually diminishing, and multiple business lines are expected to improve performance. The company is focusing on innovation and expanding its product lines to enhance competitiveness [9][24]. - The company has maintained high R&D investment, amounting to 285 million yuan in 2023, a year-on-year increase of 11.12%. This investment supports the development of new clinical techniques and products [9][10]. Financial Summary - In 2023, the company achieved a gross margin of 67.89%, down 8.82 percentage points year-on-year, and a net profit margin of 3.85%, down 2.58 percentage points [5][26]. - For Q1 2024, the company reported a revenue of 427 million yuan, a year-on-year increase of 9.17%, with a net profit of 62 million yuan, up 6.05% [5][26]. - The forecast for 2024-2026 anticipates revenues of 2.019 billion, 2.559 billion, and 3.023 billion yuan, with corresponding net profits of 326 million, 521 million, and 689 million yuan, reflecting significant growth rates [24][26]. Market Data - As of May 21, 2024, the closing price of the stock was 30.99 yuan, with a total share capital of 414.02 million shares [14]. - The company's price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 39.3, 24.6, and 18.6, respectively [24][26].