2023全年业绩保持高增长，与迈瑞强强联合

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.65 billion yuan in 2023, representing a year-on-year growth of 35.71%, with a net profit attributable to shareholders of 534 million yuan, up 49.13% year-on-year [1] - The company has formed a strong partnership with Mindray, which is expected to enhance its market position in the cardiovascular device sector [4] - The company is experiencing significant growth in its electrophysiology and vascular intervention segments, with revenues of 368 million yuan and 791 million yuan respectively in 2023 [1][2] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.65 billion yuan, with a net profit of 534 million yuan and a gross profit margin of 71.3% [1] - The fourth quarter of 2023 saw a revenue of 437 million yuan, with a net profit of 131 million yuan [1] - The company expects revenues of 2.17 billion yuan, 2.88 billion yuan, and 3.83 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 728 million yuan, 973 million yuan, and 1.31 billion yuan [5] Product Segments - The electrophysiology segment generated 368 million yuan in revenue, with a year-on-year growth of 25.51% [1] - The vascular intervention segment achieved a revenue of 791 million yuan for coronary access devices, growing by 38.98% year-on-year [2] - The company has launched new products in the electrophysiology space, including a cardiac radiofrequency ablation device and a radiofrequency perfusion pump [1] Market Position and Strategy - The company has successfully expanded its hospital coverage to over 3,600, with significant growth in both peripheral and coronary lines [2] - The partnership with Mindray is expected to leverage both companies' strengths, enhancing the company's capabilities in the cardiovascular device market [4] - The company is positioned to benefit from the ongoing trend of domestic brands gaining market share in the medical device sector, particularly in the context of centralized procurement [2]