Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's 2023 performance met expectations, with revenue reaching RMB 2.789 billion, a YoY increase of 18.0%, and net profit attributable to shareholders of RMB 345 million, a YoY increase of 184.6% [2][5] - The adjusted net profit was RMB 471 million, a YoY increase of 72.0%, with IVF treatment cycles reaching 30,240, a YoY increase of 15.8% [2][5] - Growth was driven by stable performance in mature institutions in Greater China, recovery in overseas markets, and full-year consolidation of new hospitals [2][6] Business Performance Greater China Region - In the Greater China region, mature institutions in Chengdu and the Greater Bay Area achieved 22,260 cycles, a YoY increase of 6.0%, contributing RMB 5.90 billion in performance, a YoY increase of 28.2% [2][6] - Emerging institutions in Yunnan and Wuhan achieved 4,261 cycles, a YoY increase of 42.7%, with IVF revenue of RMB 179 million, a YoY increase of 35.8%, and reduced losses by RMB 3 million [2][7] Overseas Markets - In the US and Laos, the company achieved 3,847 cycles, a YoY increase of 11.7%, with revenue of RMB 570 million, a YoY increase of 23.4%, and a turnaround in performance with a profit of RMB 27 million [2][8] - The US market saw a recovery in international patients to approximately 50% of pre-pandemic levels, with HRC recruiting 6 new doctors [8] Industry Outlook - The assisted reproductive industry is characterized by high barriers and high growth potential, with supportive policies accelerating the inclusion of assisted reproductive services in medical insurance across multiple provinces [2][8] Financial Projections - The company's EPS is projected to be RMB 0.15, RMB 0.18, and RMB 0.21 for 2024-2026, with PE ratios of 20.80x, 17.52x, and 14.78x respectively based on the closing price on May 21, 2024 [2][8]
锦欣生殖：2023年年报点评：业绩符合预期，行业政策积极