The company publishes its annual report 2023 and quarterly report 2024FoldablepokertableThe performance is in line with expectations The company achieved revenue of 349 in 2023Foldablepokertable.300 million yuanFoldablepokertable, compared with the same period last year, + 15%; the net profit of returning home is 115Foldablepokertable.80 billion yuan, + 20.6% compared with the same period last year. 2024Q1 achieved revenue of 9.37 billion yuan, + 12.1% year-on-year, net profit of 3.16 billion yuan, + 22.9% year-on-year, and net operating cash flow of 2.86 billion yuan, + 114.8%. Markets at home and abroad make joint efforts, and the space for growth is constantly expanding. From a sub-regional point of view, the company achieved domestic income of 21.38 billion yuan in 2023, + 14.5% year on year. Since March last year, the domestic routine diagnosis and treatment activities have recovered rapidly, driving the annual growth rate of domestic IVD to 20%. Revenue in the international market reached 13.55 billion yuan, + 15.8% compared with the same period last year. Among them, the growth rate of developing countries is remarkable, with an annual growth rate of more than 20%. With its high quality and perfect service, the company continues to make breakthroughs in the public markets and high-end customers of various countries. continue to develop new business increments. The domestic market of 2024Q1 achieved single-digit growth due to its high base in the same period last year, but both domestic IVD and MIS achieved restorative growth; internationally, 23Q1 production capacity tilted to domestic, resulting in a low base of the international market, and with the continued acceleration of breakthroughs in the overseas high-end customer base, 24Q1 in the international market grew by nearly 30%. The three major business lines continue to break through and maintain a trend of rapid growth. In 2023, benefiting from the rapid recovery of diagnosis and treatment activities since March and the rapid penetration of overseas markets, the in vitro diagnostic production line achieved a revenue of 12.42 billion yuan, a year-on-year increase of + 21.1%, of which the compound growth rate of international business exceeded 30% for two consecutive years. The revenue of the life information and support production line reached 15.25 billion yuan, + 13.8% compared with the same period last year. The rapid growth of this business sector was significantly driven by the recovery of new medical infrastructure and international demand in the first half of the year, but the growth was weakened by the rectification of the medical industry and the suspension of the issuance of medical special bonds in the second half of the year, but the annual growth rate of minimally invasive surgery of seed business was still more than 30%. The revenue of the medical imaging production line reached 7.03 billion yuan, + 8.8% compared with the same period last year, mainly due to the resumption of domestic routine procurement since March and the continuous breakthrough of high-end customers in the international market, but the business was still greatly affected by the rectification action of the medical industry in the second half of the year. The value of equipment leader is remarkable, and the annual growth is worth looking forward to. After years of development, the company has become the world's leading provider of medical devices and solutions. At present, the company's products cover nearly 110000 domestic medical institutions and more than 99% of the third-class hospitals, and are exported to more than 190 countries and regions in the international market. Monitors, anesthetic machines, ventilators, defibrillators, blood cells and ultrasound have achieved the top three in the global market share. Looking forward to this year, based on the characteristics of medical rigid demand, industry consolidation has no real impact on equipment procurement demand. This year, the bidding activities of domestic public hospitals are expected to show a quarterly recovery trend, and the delayed procurement demand is gradually released. With the continuous breakthroughs of the company's high-end customer base at home and abroad, as well as seizing the opportunities of new medical infrastructure and equipment renewal projects in China, growth is expected for the whole year. According to the 2024 Annual report and the 2024 Quarterly report, we downgrade the Life Information and support Business, in Vitro Diagnostics Business and Medical Imaging Business income assumptions, and forecast the company's earnings per share for 2024-2026 will be 11.48 pounds 13.90 pounds 16.66 yuan (the original 24-25 forecast is 11.71 pounds 14.09 yuan), according to the comparable company valuation, give the company a valuation of 33 times PE in 2024, corresponding to the target price of 361.40 yuan, maintain the buy rating. Risks suggest that the volume of new products is lower than expected, collection policies exceed expectations, overseas expansion is not as expected, domestic medical environmental policy risks, etc. [disclaimer] this article only represents the views of third parties and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.