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Investment Rating - The report maintains a "Buy" rating for the company, Samsung Medical (601567) [1]. Core Views - Samsung Medical is a leading player in the domestic power distribution and medical equipment sectors, with significant growth potential in overseas markets. The company has established a strong presence in the overseas market since 2013, focusing on smart meter products and achieving rapid revenue growth from international operations. The report forecasts a compound annual growth rate (CAGR) of +24% for revenue and +23% for net profit from 2023 to 2026 [1]. Summary by Sections 1. Company Overview - Samsung Medical, originally Ningbo Samsung Instrument Co., has transformed into a comprehensive provider of smart power distribution solutions, including smart meters, transformers, and medical services. The company has expanded into the medical sector through acquisitions and the establishment of rehabilitation hospitals [11][12]. 2. Overseas Market Expansion - The company has successfully penetrated overseas markets, establishing manufacturing bases in Brazil, Indonesia, Poland, Germany, and Mexico. It has achieved significant breakthroughs in the Middle East and Europe, with expectations of over 30% CAGR in overseas power distribution revenue from 2023 to 2026 [1][26]. 3. Domestic Market Stability - In the domestic market, Samsung Medical maintains a strong position in the smart meter sector, with a market share among the top five. The company anticipates a CAGR of +5% to +10% for domestic power distribution revenue from 2023 to 2026, driven by stable investment growth in the power grid [1][26]. 4. Rehabilitation Medical Business - The rehabilitation medical sector is projected to grow significantly, with a focus on chain expansion. The company aims for a CAGR of +25% to +30% in this segment from 2023 to 2026, leveraging its established medical group [1][26]. 5. Financial Forecast and Valuation - The report predicts net profits of 2.37 billion, 2.87 billion, and 3.58 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20, 16, and 13. The target price is set at 50.4 yuan based on a 30x P/E for 2024 [1].