业绩稳定增长，新产品引领成长新动力

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company has demonstrated stable growth in its performance, with all three business segments achieving year-on-year growth. The R&D progress is on track, and innovative results are expected to contribute to revenue growth [5] - The company reported a revenue of 371 million RMB in 2023, representing a year-on-year increase of 25.57%, and a net profit of 115 million RMB, up 21.11% year-on-year. The first quarter of 2024 saw a revenue of 76 million RMB, a year-on-year increase of 17.53%, although net profit was impacted by seasonal factors and increased R&D expenses [5] - All three business segments showed year-on-year growth, with the heart valve replacement and repair segment growing by 21.14%, and the congenital heart disease intervention treatment and soft tissue repair segments growing by 26.49% and 29.74%, respectively [5] - The company is increasing its R&D investment, with R&D expenses reaching 99 million RMB in 2023, accounting for 26.66% of revenue. New products are expected to drive future growth [5] Financial Summary - The company’s revenue is projected to grow from 371 million RMB in 2023 to 492 million RMB in 2024, with a growth rate of 32.7%. Net profit is expected to increase from 115 million RMB in 2023 to 165 million RMB in 2024, reflecting a growth rate of 43.2% [6] - The earnings per share (EPS) is forecasted to rise from 0.84 RMB in 2023 to 1.21 RMB in 2024, with a price-to-earnings (P/E) ratio of 92.5 for 2024 [6] - The company maintains a strong gross margin of approximately 89.8% and a net profit margin of 31.1% in 2023, with expectations for improvement in the coming years [6]