Succeeder(688338) 光大证券·2024-04-28 01:32Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5][15]. Core Insights - The company achieved steady revenue and profit growth in 2023, driven by increased demand for coagulation testing in medical institutions and the launch of innovative products like the SF-9200 automatic coagulation analyzer [8][17]. - The company is focusing on expanding its market presence through deep collaborations with distributors, covering 29 provinces and key cities in China [17]. - The report slightly lowers the profit forecast for 2024-2025 due to industry competition and cost control policies, projecting net profits of 141 million and 170 million yuan respectively [17]. Summary by Sections Revenue and Profit Performance - In 2023, the company reported revenue of 275 million yuan, a year-on-year increase of 20.40%, and a net profit of 117 million yuan, up 12.29% [8][17]. - The first quarter of 2024 saw revenue of approximately 75.82 million yuan, growing 13.56% year-on-year, with a net profit of 30.43 million yuan, reflecting a 14.48% increase [8]. Research and Development - The company invested 19.18 million yuan in R&D in 2023, marking a 13.21% increase, and 4.69 million yuan in the first quarter of 2024, up 23.18% [17]. - New product registrations include two different anticoagulant mechanism testing kits, enhancing the company's product offerings [17]. Market Expansion - The company has established a nationwide distribution network, collaborating with regional distributors to enhance service and product application across various medical institutions [17]. Financial Forecast and Valuation - The report adjusts the net profit forecast for 2024-2025 to 141 million and 170 million yuan, respectively, while introducing a 2026 forecast of 206 million yuan [17]. - The current price corresponds to a PE ratio of 18, 15, and 12 for 2024, 2025, and 2026, respectively [17].