Core Viewpoint - The company achieved revenue and net profit of 2.677 billion and 820 million yuan in 2024, representing year-on-year growth of 39.3% and 87.9%, respectively, aligning with performance forecasts [1] - In Q1 2025, the company reported revenue and net profit of 548 million and 189 million yuan, showing a decline of 26.4% and 33.7% year-on-year, primarily due to a high base effect from significant sales growth following price reductions in early 2024 [1] Financial Performance - The company’s operating cash flow for 2024 was 1.051 billion yuan, reflecting a year-on-year increase of 14.6%, indicating a positive cash flow trend [1] - The adjusted net profit forecasts for 2025-2027 are 833 million, 952 million, and 1.081 billion yuan, with significant downward revisions of 41% and 46% for 2025 and 2026, respectively [4] Product Performance - Core products, including blood perfusion devices and plasma bilirubin adsorbers, generated revenues of 2.309 billion and 173 million yuan in 2024, with year-on-year growth of 57.2% and 87.8% [2] - The company’s renal and liver products saw revenue growth of 57.2% and 77.2%, with over 6,000 and 2,000 hospitals covered, respectively [2] Business Expansion - The company is actively enhancing product applications in critical care and cardiovascular diseases, with over 1,800 hospitals covered by critical care products by the end of 2024 [3] - The company has expanded its product offerings in the blood purification industry and achieved revenues of 962,000 and 336,000 yuan from blood dialysis devices and tubing through centralized procurement in 2024 [3] - The company’s products are now available in over 2,000 hospitals across 98 countries and regions, indicating successful international expansion [3] Valuation and Outlook - The company is positioned as a leader in the domestic blood perfusion industry, with a comprehensive product layout and sales channels [4] - A target price of 29.21 yuan is set for 2025, based on a 28x PE valuation, compared to a previous target of 42.41 yuan [4]