Investment Rating - The investment rating for the company is "Buy" [13] Core Views - The company has shown resilience in the home respiratory device market, particularly in the U.S., where it holds the second-largest market share. The company is expected to see gradual improvement in operating performance starting in 2024, with a focus on expanding its consumables business [4][13] - Revenue projections for 2024-2026 are estimated at 1.131 billion, 1.330 billion, and 1.570 billion yuan, with corresponding growth rates of 0.7%, 17.6%, and 18.1% respectively. Net profit attributable to the parent company is expected to reach 329 million, 403 million, and 485 million yuan, with growth rates of 10.6%, 22.5%, and 20.4% [4][13] Financial Performance and Forecast - In 2023, the company reported a revenue of 1.122 billion yuan, a year-over-year decrease of 20.7%, and a net profit of 297 million yuan, down 21.8% year-over-year. The first quarter of 2024 saw a revenue of 192 million yuan, a decrease of 60.02% year-over-year, and a net profit of 50 million yuan, down 67.89% year-over-year [13][14] - The company’s gross margin for 2023 was 39.87%, with a slight increase of 2.77% year-over-year. The consumables segment generated 195 million yuan in revenue, with a gross margin of 64.91%, reflecting a year-over-year increase of 2.10% [13][14] Market Position and Strategy - The company has established a data-driven subsidiary in France to enhance its service offerings in Europe, addressing local healthcare reimbursement issues and facilitating partnerships with local distributors [7] - The company is increasing its investment in the consumables business, particularly in the U.S. and European markets, with plans to build a consumables team and distribute masks to sleep monitoring institutions to enhance brand recognition [13][14]
24Q1拐点或显现，高毛利耗材业务占比提升