Investment Rating - The report assigns a "Buy" rating for the company [1][7]. Core Insights - The company reported a revenue of 1.094 billion yuan in 2023, a year-on-year increase of 3.97%, with a gross profit of 674 million yuan, up 5.98%. However, the net profit attributable to shareholders decreased by 11.07% to 182 million yuan [1][4][5]. - In the first half of 2023, the number of hospital visits significantly increased, with surgical volumes peaking in Q2. However, the second half of 2023 saw a nationwide regulatory crackdown in the pharmaceutical industry, which temporarily impacted surgical volumes and the application of high-value innovative products, leading to revenue pressure [1][5]. - The company experienced rapid growth in its spinal and trauma implant segment, with a year-on-year increase of approximately 105.4%. The company is actively expanding its overseas business, with joint ventures in countries like Vietnam and Uzbekistan, achieving over 50% growth in the Southeast Asian market [1][5]. - The announcement of the joint procurement price and selection rules for joint replacements on April 30, 2024, is expected to improve the competitive landscape for the company, as the new rules are more lenient compared to the first round of procurement [1][5]. Financial Summary - The company forecasts revenues of 1.425 billion, 1.838 billion, and 2.317 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 30.2%, 29.0%, and 26.0%. The net profit attributable to shareholders is projected to be 261 million, 346 million, and 438 million yuan for the same years, with growth rates of 43.1%, 32.6%, and 26.6% [1][7][8]. - The earnings per share (EPS) are expected to be 0.23 yuan, 0.31 yuan, and 0.39 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 23.2, 17.5, and 13.8 [1][7][8].
爱康医疗：2023年年报点评：业绩短期承压，续约边际向好