分产品线看，2023 年电生理产品收入3.68 亿元，同比增长25.51%；冠脉通路类产品收入7.91 亿元，同比增长38.98%；外周介入类产品收入2.56亿元，同比增长40.36%；OEM 业务收入2.10 亿元，同比增长31.67%；同时新拓展泌尿系统产品线，实现非血管介入类业务收入0.16 亿元。国内市场入院顺利，三维电生理手术量增长超200%，外周线入院增长超30%，冠脉线增长接近20%。海外业务实现收入2.34 亿元，同比增长72.62%。Incidents:
The company released its 2023 annual report. In 2023, the company achieved operating income of 1,650 billion yuan, an increase of 35.71%; net profit to mother of 534 million yuan, an increase of 49.13% year on year; net profit after deducting non-return to mother was 468 million yuan, an increase of 45.54% year on year. Among them, Q4 achieved revenue of 437 million yuan, an increase of 32.80% year on year; net profit to mother was 131 million yuan, up 34.11% year on year; net profit after deducting non-return to mother was 108 million yuan, an increase of 21.78% year on year. The results are in line with market expectations.
Core products achieve rapid growth at home and abroad
By product line, revenue from electrophysiology products in 2023 was 368 million yuan, up 25.51% year on year; revenue from coronary access products was 791 million yuan, up 38.98% year on year; revenue from peripheral interventional products was 256 million yuan, up 40.36% year on year; OEM business revenue was 210 million yuan, up 31.67% year on year; and new urinary system product lines were expanded to achieve non-vascular intervention business revenue of 16 million yuan. Domestic market admissions have been successful. The volume of 3D electrophysiology surgeries has increased by more than 200%, peripheral admissions have increased by more than 30%, and coronary lines have increased by nearly 20%. The overseas business achieved revenue of 234 million yuan, an increase of 72.62% over the previous year.
The scale effect shows continued improvement in profitability
As the company's new electrophysiology and vascular intervention products are gradually launched and the scope of collection increases, scale effects continue to show, and profit margins continue to increase. In 2023, the company's gross profit margin was 71.27%, up 0.07 pp year on year; net profit margin was 31.64%, up 3.67 pp year on year. Sales, management, and R&D expenses were 18.46%, 4.98%, and 14.42%, respectively, and -1.36, -0.49, and +0.04 pp, respectively. The company continues to improve its product layout and further increase investment in research and development of new products and technologies. Treatment products such as atrial fibrillation ablation and TAA will soon be launched, and it is expected that it will continue to expand its domestic and foreign revenue scale.
Profit Forecasts, Valuations, and Ratings
We expect the company's revenue for 2024-26 to be 22.07/30.06/3,924 billion yuan, respectively, with corresponding growth rates of 33.76%/36.17%/30.56%, net profit to mother of 6.95/9.60/1.263 billion yuan, corresponding growth rates of 30.24/ 38.09%/31.52%, 3-year CAGR of 33.24%, and corresponding PE 42/30/23 times, respectively. The company is a leader in electrophysiology and coronary pathways, and there is plenty of room for expansion in various fields of vascular intervention. At the same time, Mindray's entry is expected to further expand sales channels and enhance global competitiveness.
Continued attention is recommended.
Risk warning: marketing falls short of expectations; collection price cuts exceed expectations; market competition increases risk
