Event: the company released its three-quarter report in 2023, saying that in the first three quarters of 2023, the company achieved operating income of 1.657 billion yuan, an increase of 10.50% over the same period last year, and a net profit of 563 million yuan, an increase of 1.12% over the same period last year.
Income recovery accelerated quarter by quarter, while net interest rates fell slightly. In a single quarter, the operating income of Q1, Q2 and Q3 companies in 2023 was 407 million yuan, 560 million yuan and 690 million yuan respectively, which was + 1.26%, + 11.54% and 15.87% respectively compared with the same period last year. In the first three quarters, the company achieved a gross profit margin of 52.24% and a net sales margin of 33.98%, year-on-year-0.32pct and-3.16pct, respectively. On the whole, the company continued the trend of steady development in the third quarter, the business was actively promoted, and the overall operation was sound and orderly.
The color sorter industry is relatively stable, and the oral industry is waiting for recovery. ① color sorter: the domestic color sorter market is relatively mature, the competition pattern is relatively stable, the company is the leading enterprise in the domestic color sorter industry. At present, the company relies on the continuous improvement of product technology, stability and reliability and high-quality service capacity, is constantly expanding the sales scale and improving the market share level. ② oral medical equipment: affected by the objective environment, the recovery of the domestic oral industry lags behind, and the market competition is further intensified. Since the second half of the year, the company has continued to increase investment in all kinds of resources, strive to enhance the market competitiveness and marketing service ability of medical products, and actively expand sales volume through flexible and effective marketing strategies.
Overseas markets continue to increase investment, and new products are launched to further enrich the product matrix. The company continues to increase its investment in overseas markets, strengthening the layout and marketing of medical overseas markets while stabilizing the export of color sorters. The company actively strengthens the marketing rhythm of new products, and the spinal surgery navigation equipment that obtained the registration certificate at the beginning of the year has successfully completed the first operation, taking the first step of product marketization. In addition, the company launched Pure-Detail image enhancement technology can more clearly restore bone tissue and soft tissue structure details, help doctors accurate diagnosis and treatment; the company released a new high-end seated oral CBCT, which can more effectively meet the film needs of different diagnosis and treatment groups.
In addition, the company also officially released the "Meiya Meiya teeth" oral health digital cloud platform, which is based on truly solving the pain points of clinic operation and meeting the intelligent needs of diagnosis and treatment, helping the digital development of the oral industry. At present, the company's mobile CT and other new projects are progressing smoothly, and a number of new projects are being actively promoted as planned.
Profit forecast: the company's homing net profit from 2023 to 2025 is expected to be 8000 million RMB 907 million RMB respectively, maintaining the "overweight" rating.
Risk hint: the development of the medical equipment industry is not as expected, overseas demand is not as expected, and the market competition is intensified.