VISHEE(SH:688580) Haitong Securities·2024-05-24 00:31Investment Rating - The investment rating for the company is "Outperform the Market" [10][26]. Core Views - The company has shown significant growth in revenue and net profit, with a 43.72% increase in revenue to 462 million yuan and a 45.23% increase in net profit to 136 million yuan for 2023 [13][15]. - The company is expanding its product lines in both traditional rehabilitation equipment and emerging fields, including laser and radiofrequency technologies, with FDA certifications and clinical trials underway for new products [6][25]. - The company is focusing on women's health, integrating pelvic rehabilitation with light medical aesthetics to create comprehensive solutions for women's health throughout their life cycle [25][26]. Financial Performance and Forecast - The company achieved a total revenue of 462 million yuan in 2023, with a projected revenue growth of 23.7% in 2024, reaching 572 million yuan [9][15]. - The net profit for 2023 was 136 million yuan, with forecasts of 157 million yuan in 2024, 192 million yuan in 2025, and 236 million yuan in 2026 [9][26]. - The earnings per share (EPS) are expected to be 2.29 yuan in 2024, 2.79 yuan in 2025, and 3.44 yuan in 2026, indicating a strong growth trajectory [9][26]. Product Development and Market Position - The company has completed the certification process for its first-generation rehabilitation robots, establishing a comprehensive product matrix for rehabilitation assessment and training [6]. - In the field of neuro-rehabilitation, the company has launched a second-generation transcranial magnetic stimulation device, enhancing its competitive edge in non-invasive neuro-regulation treatments [14]. - The company is also making strides in the pelvic floor and postpartum recovery markets, with new products expected to drive growth in these segments [25].