鱼跃医疗：公司季报点评：业绩增长整体稳健，持续拓展海外潜力

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Views - The company achieved a revenue of 7.972 billion yuan in 2023, representing a year-on-year growth of 12.25%. The net profit attributable to the parent company was 2.396 billion yuan, up 50.21% year-on-year. However, the fourth quarter of 2023 saw a revenue decline of 34.08% year-on-year [6][8]. - The respiratory therapy segment showed significant growth, with a 50.55% increase in business year-on-year. The diabetes care segment also accelerated, with a revenue growth of 37.12% [6][8]. - The overseas market revenue reached 727 million yuan in 2023, a year-on-year increase of 2.45%, indicating a recovery in growth and potential for further expansion [6][8]. Financial Performance Summary - In 2023, the company reported total revenue of 7.972 billion yuan, with a net profit of 2.396 billion yuan. The first quarter of 2024 showed a revenue of 2.231 billion yuan, down 17.44% year-on-year [6][8]. - The company expects earnings per share (EPS) for 2024 to be 2.16 yuan, with net profits projected at 2.166 billion yuan [7][11]. - The gross margin for 2023 was 51.5%, with a projected gross margin of 51.1% for 2024 [11][12]. Business Segment Analysis - The respiratory therapy solutions segment generated 3.371 billion yuan in 2023, accounting for 42.3% of total revenue, with a year-on-year growth of 50.6% [9][11]. - The diabetes care solutions segment saw a revenue of 726.4 million yuan in 2023, representing a growth of 37.1% year-on-year [9][11]. - The infection control solutions segment experienced a decline of 36.15% year-on-year due to high base effects from the previous year [6][9]. Market Outlook - The company anticipates a reasonable valuation range of 43.21 to 49.69 yuan for 2024, based on a price-to-earnings (PE) ratio of 20-23 times [7][10]. - The company is focusing on expanding its respiratory therapy products in Europe and North America, while also exploring growth opportunities in the diabetes care segment in Latin America, Africa, and Southeast Asia [6][9].