Event: the company released the three-quarter report of 2023, with income of 346 million yuan (+ 31.59%), net profit of 143 million yuan (+ 47.58%) and non-return net profit of 14000 yuan (+ 39.04%) in the first three quarters of 2023. In 2023, Q3 realized income of 140 million yuan (+ 32.90%), net profit of 64 million yuan (+ 51.99%), and non-return net profit of 64 million yuan (+ 46.77%).
Comments:
Domestic business continues to recover, while overseas business maintains steady and rapid growth. With the elimination of the macro health impact, domestic outpatient diagnosis and treatment has recovered rapidly since the beginning of the year. Q3's domestic business continued the strong growth momentum of Q2, with an increase of 29.1% in the first three quarters compared with the same period last year, including an increase of 41.9% in revenue in the third quarter alone. Overseas markets maintained steady growth, with sales revenue growing by 34.8% in the first three quarters compared with the same period last year.
The cost control is excellent, and the Q3 net interest rate increases significantly. In a single quarter, the company's 23Q3 gross profit margin and net profit margin are 70.1% and 45.9% respectively, compared with the same period last year + 0.1pct/+5.8pct and 23Q2 + 2.7pct/+7.2pct respectively. The 23Q3 sales / management / financial expense rate is 10.1%, 7.6% and 8.1%, respectively, and the 23Q2 is-2.5pct/-2.7pct/-0.7pct, respectively. The decline in the sales / management expense rate is presumed to be mainly due to scale effects, while the change in the financial expense rate is mainly due to foreign exchange and financial income.
Profit forecast and investment advice: we estimate that from 2023 to 2025, the company's operating income will be 522 million yuan / 684 million yuan / 868 million yuan respectively, with a year-on-year growth rate of + 40.7%, 31.1% and 26.8%, respectively, and the net profit of returning home will be 199 million yuan / 265 million yuan / 324 million yuan respectively, with a year-on-year growth rate of + 37.5%, 33.1% and 22.2% respectively. The latest closing price corresponding to PE is 34-26-21 times. The company is an international endoscopic minimally invasive diagnosis and treatment equipment company, which continues to expand from endoscopic consumables to equipment by virtue of its own technological advantages, and actively expand overseas markets this year with the recovery of domestic hospital diagnosis and treatment. the company's performance is expected to continue the rapid growth trend and maintain the "overweight" rating.
Risk tips: new product research and development and certification are not as expected; sales are not as expected; collection price reduction is more than expected; exchange rate fluctuation risk; foreign trade friction risk