The company's 23-year results were in line with expectations. According to the company's annual report for 23 years, the company achieved total operating revenue of 329 million yuan (YOY +26.46%); net profit to mother of 0.06 million yuan (YOY +85.17%), mainly due to the company's continued deep cultivation of domestic and foreign markets and comprehensive budget management, which led to a significant increase in operating efficiency; a gross profit margin of 63.51% (YOY-5.6PP), which was mainly affected by electrophysiological collection; and the total number of 3D cardiac electrophysiological surgeries exceeded 50,000. In the 23Q4 alone, the company achieved revenue of 93 million yuan (YOY +36.8%). The competitiveness of the company's main products continued to improve, and production and sales increased steadily.
The company has been actively expanding domestic/overseas markets for 24 years. According to the company's annual report for 23 years, domestically, the company's 3D surgery volume will maintain a high growth rate. It will be guided by the atrial fibrillation market, actively carry out “ice and fire” series product promotion activities, carry out basic electrophysiological skills training programs, and gradually expand the marketing network; overseas, the company plans to efficiently expand the Latin American, Asia-Pacific and European markets in 24; increase the use and promotion of TrueForce pressure monitoring catheters in France, Italy and other countries, and strive to use more than 1,000 cases of pressure catheters. The IceMagic cryoablation series of products strives to obtain CE certification in 24, opening up a new situation for domestically produced atrial fibrillation treatment plans to go overseas.
R&D innovation continues to advance. According to the company's annual report for 23 years, the pressure pulse ablation catheter project has completed clinical enrollment and has entered the follow-up stage; the renal artery ablation project has entered the clinical trial stage; continuous optimization and iterative research and development of key products such as the marketed product TrueForce catheter, EasyStars calibration catheter, and IceMagic frozen ablation catheter; the company continues to promote cooperation with Stereotaxis, and its core product, the fifth-generation “Pan-vascular Interventional Robotic Magnetic Navigation System”, has been submitted for registration by the company and is expected to obtain NMPA registration in 24 Approval.
Profit forecasting and investment advice. The estimated revenue for 24-26 is 466 million yuan, 680 million yuan, and 1,024 million yuan, respectively. The corresponding EPS is 0.06 yuan/share, 0.1 yuan/share, and 0.17 yuan/share.
Taking into account the company's position in the industry and business growth, the company was given a 24-year PS 26X with a corresponding reasonable value of 25.73 yuan/share, giving it a “buy” rating.
Risk warning. Commercial promotion is slow, there is a sharp decline in performance or risk of loss, and there is a shortage of professionals.