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开立医疗(300633)2023年年报点评:超声内镜双轮驱动 产品迭代进一步加快

Kaili Medical (300633) 2023 Annual Report Review: Further Acceleration of Iteration of Ultrasound Endoscopic Dual Wheel Drive Products

西部證券 ·  Apr 12

Incident: The company announced its 2023 annual report. In 2023, it achieved operating income of 2.120 billion yuan, an increase of 20.29% over the previous year; realized net profit of 454 million yuan, an increase of 22.88% over the previous year. Looking at Q4 alone, the company achieved revenue of 652 million yuan in Q4 of 2023, an increase of 27.58% over the previous year, and achieved net profit of 134 million yuan to mother, an increase of 7.57% over the previous year.

Expense ratios are stable, and gross margins have increased. The company's management expenses rate in 2023 was 6.1%, up 0.5 pct year on year; sales expenses rate was 24.7%, up 0.7 pct year on year; R&D expenses rate was 18.1%, down 0.5 pct year on year, and financial expenses were -2.1%, down 0.4 pct year on year. The company's gross margin in 2023 was 69.4%, up 2.5 pcts year over year. The company's net profit margin in 2023 was 21.4%, up 0.5pct year-on-year.

The endoscopy business is growing rapidly, with balanced growth at home and abroad. By business, in 2023, the company achieved revenue of 1,223 million yuan, up 13.28% year on year, and endoscopic and endoscopic treatment products achieved revenue of 850 million yuan, an increase of 39.02% year on year; by region, the company achieved domestic revenue of 1,181 million yuan in 2023, an increase of 21.97% year on year, and revenue of 939 million yuan abroad, up 18.24% year on year.

With two-wheel drive for endoscopic ultrasound, product iteration is further accelerated. In the field of ultrasound, in 2023, the company's next-generation ultra-high-end ultrasound platform, the S80/P80 series was officially launched on a small scale to comprehensively improve systemic intervention and obstetrics and gynecology solutions, and received high praise in the clinical process. The next-generation high-end portable platform completed engineering development in 2023. It is expected that it will obtain a registration certificate and launch on the market in 2024, which will greatly enhance domestic and international competitiveness in the high-end portable market. In the field of endoscopy, in 2023, the company refined, upgraded and mass-produced high-end products launched in 2022, especially optical magnifying endoscopes and ultrasound endoscopes. Product stability and supply increased rapidly. In 2023, the company launched the HD-580 series of endoscopes. Compared with traditional high-definition endoscopes, the HD-580 realizes ultra-high-definition image display, which can provide higher resolution, show sharper and more detailed images, and deeply meet clinical needs.

Maintain a “buy” rating. Based on the gradual recovery of industry demand, the continuous launch of the company's new products has led to business growth. EPS is expected to be 1.44/1.84/2.32 yuan in the next three years, maintaining a “buy” rating.

Risk warning: industry policy risk, product quality and potential liability risk, R&D falling short of expected risk

The translation is provided by third-party software.


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