The company's revenue in 2023 was 2.120 billion yuan (up 20.29% year on year), net profit to mother was 454 million yuan (up 22.28% year on year), Q4 revenue in 2023 was 652 million yuan (up 27.58% year on year), and net profit to mother was 134 million yuan (up 7.57% year on year).
The company's 2023 Caichao revenue was 1,223 million yuan (up 13.28% year on year), gross profit margin of 65.88% (up 0.21 pct year on year), revenue of endoscopic and endoscopic treatment devices was 850 million yuan (up 39.02% year on year), and gross profit margin of 74.42% (up 4.85 pct year on year).
At the end of 2023, the company's accounts receivable were $174 million (down 12.31% year over year).
In 2023, the company launched the HD-580 series endoscope. The HD-580 series endoscope optimized the optical design, comprehensively improved the full-band resolution power of various types of lenses. The optimization of photoelectric dyeing technology improved the contrast and three-dimensional sense of superficial and middle mucosal blood vessels, and adjustable mucosal vascular tone, making blood vessels appear more clearly.
The company has launched a number of new surgical research and development projects in the field of minimally invasive surgery, covering a full range of research and development of camera systems, electronic mirrors, optical mirrors, supporting equipment and instruments to meet the diversified needs of the market.
In the field of minimally invasive surgery, the company has launched a number of new surgical research and development projects, covering a full range of research and development of camera systems, electronic mirrors, optical mirrors, supporting equipment and instruments to meet the diversified needs of the market. Furthermore, the company has established a surgical product research and development center in Germany, making surgical product research and development, product line optimization, and industrial chain construction officially enter the era of internationalization.
Profit forecasting and investment advice. We expect EPS to be 1.33, 1.65, and 2.06 yuan respectively in 24-26, with net profit growth rates of 26.1%, 24.3%, and 24.5% respectively. Referring to comparable company valuations and considering the company's high prosperity and leading position in the soft mirror and ultrasound industry, we will give the company 25-32 times PE in 2024, corresponding to a reasonable value range of 33.26-42.57 yuan, and give it a “superior to the market” rating.
Risk warning. There is a risk that the growth rate of traditional product lines will decline, the risk that the volume of new product lines will fall short of expectations, and the risk that domestic bidding and procurement will slow down.