VISHEE(688580) 海通国际·2024-05-29 11:00Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 57.32, reflecting a 25X PE for 2024 [2]. Core Insights - The company achieved a revenue of RMB 462 million in 2023, representing a year-on-year growth of 43.72%, and a net profit attributable to shareholders of RMB 136 million, up 45.23% [20]. - The company has launched innovative products in the mental health and neurorehabilitation sectors, including a second-generation transcranial magnetic stimulator and a comprehensive "Rehabilitation Circle" solution for tertiary hospitals [21]. - The company is expanding its product matrix in the field of women's health, integrating pelvic floor rehabilitation with light medical aesthetics to create a comprehensive solution for women's health throughout their life cycle [14][15]. Financial Summary - The company's revenue for 2023 was RMB 462 million, with a year-on-year growth of 43.7%. The projected revenues for 2024, 2025, and 2026 are RMB 572 million, RMB 699 million, and RMB 857 million, respectively [3][16]. - The net profit for 2023 was RMB 136 million, with projections of RMB 157 million, RMB 192 million, and RMB 236 million for the following three years [3][18]. - The gross margin for 2023 was 71.8%, with a slight decline projected to 70.5% in 2024 and further to 69.0% by 2026 [3][18]. Product Performance - In the field of electrophysiological products, revenue grew by 30.67% in 2023, driven by the successful launch of new technologies and products [21]. - The company has also seen significant growth in its laser radiofrequency products, with a revenue increase of 476.5% in 2023 [16]. - The second-generation pelvic floor functional magnetic products were successfully launched in 2023, marking a significant advancement in the field of pelvic rehabilitation [14].