2024 年一季度，公司实现收入1.69 亿元(+18%)、归母净利润3907 万元(+3%)、扣非归母净利润3648 万元(+12%)。Incidents:
On April 18, Xiangyu Medical released the 2023 Annual Report and 2024 Quarterly Report:
In 2023, the company achieved revenue of 745 million yuan (+52%, year-on-year caliber, same below), net profit to mother of 227 million yuan (+81%), and net profit after deducting non-return to mother of 204 million yuan (+162%).
In the first quarter of 2024, the company achieved revenue of 169 million yuan (+18%), net profit attributable to mother of 39.07 million yuan (+3%), and net profit without return to mother of 36.48 million yuan (+12%).
Investment highlights:
The performance achieved rapid growth, with revenue of 459 million yuan (+56%) and gross profit margin of 70.08% (+2.68pct) in 2023; rehabilitation equipment revenue of 205 million yuan (+48%), gross profit margin of 66.94% (+3.74pct); rehabilitation assessment equipment revenue of 35 million yuan (+67%), gross profit margin of 77.48% (+0.81 pct); revenue from operating and accessory products of 64.46% (+3.96pct). The company continues to launch new products, upgrade and improve old products, and the average sales unit price increased slightly in 2023.
The company attaches importance to the driving role of R&D in growth and continues to increase investment in R&D. In 2023, the company invested 107 million yuan (+16%) in R&D. R&D investment accounted for 14.33% of revenue, and R&D investment was 100% costed. On the basis of the gradual optimization of the headquarters, R&D centers in Zhengzhou, Tianjin, Nanjing, Chengdu and Shenzhen, the company carried out construction of R&D centers in Shanghai and other places. By the end of 2023, the number of R&D personnel was 511, accounting for 28% of the total number of employees. In terms of research and development results, in the first quarter of 2023 and 2024, 325 patents and 88 new patents were added, including 32 and 27 invention patents, and a total of 1,621 patents have been obtained; 77 and 3 medical device registration certificates and filing certificates have been added, respectively, and a total of 321 medical device registration certificates and filing certificates have been obtained. The company successfully took the lead in applying for the “High-precision Biosensory Feedback and Manipulation Technology and Systems” national key project in the direction of “biological and information integration (BT and IT integration)”, and also participated in 3 national key projects in the direction of “active health and scientific and technological response to population aging”. The company has led or participated in a total of 11 national key projects.
In the first quarter of 2024, the company's management expense ratio was 9.24% (+2.11pct), and the R&D expense ratio was 17.48% (+2.39pct). We believe that the increase in the management expense ratio may be due to an increase in fixed asset amortization, and the increase in R&D expenses may be due to an increase in the number of R&D personnel and R&D projects. This essentially shows that the company's business is actively expanding, laying the foundation for continued growth in performance. The growth rate of the company's non-profit deducted in the first quarter of 2024 was faster than the growth rate of profit attributable to mother. The main reason was that investment and wealth management income from non-recurring profit and loss in the same period last year was 3.97 million yuan. With the use of capital raised from the listing, investment and wealth management income from non-recurring profit and loss in the first quarter of 2024 was 1.08 million yuan, a year-on-year decrease of 2.88 million yuan.
Pay attention to shareholder returns, and increase dividends. From 2020 to 2023, the company's annual dividends per share were 0.37 yuan/0.38 yuan/0.24 yuan/0.53 yuan, cash dividends of 59.2 million/59.94 million/37.81 million/82.59 million yuan, and share payment rates were 30%, 30%, and 36%, respectively.
Profit forecast and investment rating: The company's revenue for 2024-2026 is expected to be 898 million yuan, 1.03 billion yuan, and 1,310 million yuan respectively, up 21%, 23%, and 19% year-on-year; net profit to mother is 277 million yuan, 345 million yuan, and 417 million yuan respectively, up 22%, 25%, and 21% year-on-year, respectively; PE is 21 times, 17 times, and 14 times, respectively. The company is a leading R&D enterprise in the rehabilitation medical device industry in China. It was covered for the first time and was given a “buy” rating.
Risk warning: the risk that the construction of rehabilitation disciplines falls short of expectations; the risk of increased competition in the industry; the risk of industry policy risks; the risk of R&D investment falling short of expectations; the risk that the promotion of new products falls short of expectations.