On October 19, 2023, the company released its third quarterly report of 2023. In the first three quarters of 2023, the company realized income of 346 million yuan, + 32% year-on-year; net profit of 143 million yuan, + 48%; and non-return net profit of 140 million yuan, + 39% of the same period last year.
From a quarterly point of view, 2023Q3 achieved revenue of 140 million yuan, + 33% year-on-year; net profit of 64.37 million yuan, + 52% year-on-year; and non-return net profit of 63.58 million yuan, + 47% year-on-year.
Domestic sales grew rapidly in the third quarter, and brand competitiveness continued to improve. The company's domestic sales grew rapidly in the third quarter, achieving a growth rate of 41.92% compared with the same period last year, the sales of core categories continued to grow, and the share of domestic endoscopic diagnosis and treatment equipment further increased. In the first three quarters of 2023, the company's domestic sales increased by 29.11% compared with the same period last year, and overseas sales increased by 34.78%. Domestic and foreign markets are making simultaneous efforts, and it is expected that the company will maintain rapid growth in the future with the development of the domestic medical industry and the expansion of overseas customers.
The rate of sales and R & D expenses remained stable, and the net interest rate rose further. In the third quarter, the company's sales expense rate was 10.06%, which was the same as the same period last year; the R & D expense rate was 7.29%, which was + 0.23pct compared with the same period last year. Sales and R & D investment maintained a steady growth with the sales scale. Due to the rapid growth of interest income due to the influence of funds raised by IPO, the net interest rate has further increased. The net interest rate of Q3 company has reached 45.9%, which is + 5.8pct compared with the same period last year, and its profitability is excellent in the industry.
The successful implementation of the stock incentive scheme demonstrates long-term business confidence. In September, the company awarded 391500 restricted shares of the equity incentive plan to 69 incentive targets for the first time. The incentive plan sets the high growth target of revenue and profit for the three fiscal years 2023-2025. File A (100% attribution) sets the revenue target of 2023-2025. 500lash 675max 911 million, compared with the same period last year + 35% "35%" 35% The net profit target is 1.95amp 2.49max 309 million, which is 24% compared with the same period last year. It reflects that the company attaches importance to long-term business performance and outstanding talents, and is expected to fully mobilize the enthusiasm of the core backbone staff.
We are optimistic about the development prospect of the company in the endoscopic consumables industry. It is estimated that the company's net profit from 2023 to 2025 will be 2.05,2.73 and 347 million yuan, an increase of 42%, 33% and 27% over the same period last year.
The EPS is 3.55,4.71,6.00 yuan respectively, and the current price corresponding to PE is 31,23,18 times, maintaining the "overweight" rating.
The policy risk of medical insurance fee control; the risk that the promotion of the project under research falls short of expectation; the risk of product promotion falling short of expectation; the risk of exchange; the risk of lifting the ban on restricted shares and the risk of reducing the holdings of financial investors.