设备销售稳健增长，维修服务和软件业务快速发展。在配置证放宽政策的利好因素影响下，尽管受到一定行业整顿的扰动，设备销售仍取得较好表现，2023 年收入99.27 亿元（+21.1%），其中CT/MR/MI/XR/RT 产品线收入分别同比+7.8%/+58.5%/+1.4%/+32.8%/+6.9%，MR、XR 增长比较突出；维修服务业务快速增长，实现收入10.7 亿元（+42.8%），收入占比达9.4%（+1.3pp），主要得益于终端装机量的持续提升；软件业务高增长，收入1.74 亿元（+124.85%），主要得益于数智化的持续赋能以及去年同期基数较低所致。The performance achieved relatively rapid growth, demonstrating development resilience. In 2023, the company achieved revenue of 11.411 billion yuan (+23.52%), net profit attributable to mother of 1,974 billion yuan (+19.21%), and net profit of non-return to mother of 1,665 billion yuan (+25.38%). Among them, 23Q4 had quarterly revenue of $3,978 billion (+17.72%), net profit attributable to mother of $910 million (+20.17%), and net profit not attributable to mother of $836 million (+37.55%).
In the context of industry restructuring, the company achieved relatively rapid growth in 2023, demonstrating development resilience.
On a quarterly basis, due to the impact of industry restructuring in the third quarter, revenue and profit scales declined month-on-month compared to the second quarter. In the fourth quarter, as the impact of industry rectification weakened and the gradual implementation of licensing relaxation policies, performance achieved month-on-month and year-on-year growth. In the first quarter of 2024, revenue was 2.35 billion yuan (+6.22%), net profit to mother was 363 million yuan (+10.20%), and net profit after deducting non-return to mother was 300 million yuan (+8.52%). The performance continued to grow steadily.
Equipment sales are growing steadily, and maintenance services and software businesses are developing rapidly. Affected by the favorable factors of the relaxation of the configuration certification policy, despite being disrupted by certain industry rectification, equipment sales achieved good performance, with revenue of 9,927 billion yuan (+21.1%) in 2023. Among them, CT/MR/MI/XR/RT product line revenue was +7.8%/+1.4%/+32.8%/+6.9%, respectively. MR and XR grew significantly; the maintenance service business grew rapidly, achieving revenue of 1.07 billion yuan (+42.8%), accounting for 9.4% (+1.3pp) of revenue, mainly Thanks to the continuous increase in terminal installed capacity; high growth in the software business, with revenue of 174 million yuan (+124.85%), mainly due to the continued empowerment of digital intelligence and the low base for the same period last year.
The gross margin has increased, and the cost investment has increased. In 2023, the company's gross profit margin was 48.48% (+0.12pp). The share of revenue from middle and high-end products increased, and the share of revenue from maintenance services increased, and gross margin remained stable. Sales expense ratio 15.51% (+1.14pp), management expense ratio 4.91% (+0.25pp), R&D expense ratio 15.15% (+1.01pp), finance rate -1.30% (-0.24pp), four rate 34.26% (+2.16pp). The sales, management and R&D cost rates have all increased, mainly due to the company continuing to deepen technical and talent reserves, strengthen marketing system construction, and continuously improve core competitiveness.
Investment advice: In the context of industry restructuring, the company achieved rapid growth in 2023, showing development resilience, lowered the profit forecast for 24 and 25, and added a profit forecast for 26 years. The estimated revenue for 2024-2026 was 139.3/168.1/2025 billion yuan (originally 149.1/18.42 billion yuan), a year-on-year growth rate of 22.0%/20.7%/20.5%, and net profit to mother of 24.0/29.7/3.60 billion yuan (originally RMB 26.4/3.16 billion yuan in 24 and 25) The year-on-year growth rate was 21.6%/23.6%/21.3%. The current stock price corresponds to PE = 46/37/31x, maintaining the “gain” rating.
Risk warning: risk of R&D failure; risk of exchange rate fluctuations; geopolitical risk.
