2023年年报业绩点评： 公司点评●医疗器械全年业绩符合预期，中高端产品持续放量

Investment Rating - The investment rating for the company is "Cautious Recommendation" [2] Core Insights - The company reported a total revenue of 678 million yuan in 2023, representing a year-on-year increase of 52.29%. The net profit attributable to the parent company was 58 million yuan, up 167.04%, while the non-recurring net profit reached 44 million yuan, a significant increase of 395.03% [1] - The growth in performance is driven by the successful ramp-up of mid-to-high-end products, particularly the AQ-300 4K ultra-high-definition endoscope system, which contributed to a revenue of 622 million yuan from endoscope equipment, marking a 58.6% increase [1] - The company has introduced several new products, enhancing its competitive strength and market coverage. In 2023, the R&D expenses amounted to 147 million yuan, accounting for 21.68% of total revenue, with significant advancements in multiple product lines [1] - The company has set ambitious performance targets through its stock incentive plan, aiming for revenues of no less than 9.9 billion yuan in 2024, 14 billion yuan in 2025, and 20 billion yuan in 2026, with corresponding net profit targets [1] Financial Summary - The company achieved a gross margin of 73.78% in 2023, an increase of 4.05 percentage points, with the endoscope business gross margin rising to 75.85% [1] - Forecasted revenues for 2024, 2025, and 2026 are 999 million yuan, 1.42 billion yuan, and 2 billion yuan, respectively, with expected growth rates of 47.39%, 42.28%, and 40.84% [4] - The projected net profit for the same years is 121.5 million yuan, 184.05 million yuan, and 273.82 million yuan, with growth rates of 110.01%, 51.48%, and 48.78% [4] - The earnings per share (EPS) are expected to be 0.91 yuan, 1.37 yuan, and 2.04 yuan for 2024, 2025, and 2026, respectively [4]