onlinepokernomoney|澳华内镜(688212)：实现较快收入增长 净利率短期承压
An introduction to this reportOnlinepokernomoney2024Q1 income is growing rapidly, and equity incentive fees affect short-term profits. In the future, with the continuous volume of high-end models, the net interest rate is expected to gradually increase and maintain the overweight rating. Key points of investment: maintain the overweight rating. Maintain EPS Forecast 0 from 2024 to 2026Onlinepokernomoney.78 / 1.30 Compact 2.17 yuan, maintaining the target price 69.47 yuan, corresponding to 2024 PS9.3X, maintaining the overweight rating. The income increases rapidly, and the equity incentive fee affects the short-term profit. 2024Q1 realized income of 169 million yuan (+ 34.9%), net profit of 2.76 million yuan (- 83.32%), and non-return net profit of-250000 yuan (- 102%). The income increases rapidly under the external pressure, and the slower profit growth is mainly due to the higher equity incentive fees. After excluding 2024Q1, the net profit is 24.5567 million yuan (+ 24%). Throughout the year, with the gradual improvement of the domestic bidding end and the gradual landing of large-scale equipment renewal, it is expected to show a trend of improvement. Gross profit margin is steadily rising, and high-end models continue to increase. 2024Q1 gross profit margin is 76.40% (+ 0.23pct), steadily rising, and the proportion of high-end AQ200+AQ300 models is expected to continue to increase. The 2024Q1 sales / management / R & D expense rates are + 4.46/+2.18/+0.9pct respectively, mainly due to the increase in equity incentive amortization expenses and the indispensable sales and R & D investment in the initial stage of new product promotion. It is expected that the subsequent AQ300 volume will be gradually expanded, superimposed with the higher gross profit margin of soft mirror products, and the net profit margin is expected to increase gradually. The growth rate of overseas markets is expected to increase. In 2023, the company's overseas sales revenue was 113 million yuan (+ 11.7%), accounting for 17%, most of which were sold in Europe, mainly medium-and low-end models. In 2024, as the company further sets up offices overseas and increases sales and promotion efforts, developing countries are expected to have better growth throughout the year; at the same time, through early registration applications, academic promotion, and exhibition promotion, the follow-up income of mid-and high-end models is also expected to increase. Since 2023, a number of endoscopes have been put on the market, including duodenoscopy, ultra-fine endoscope, bifocal endoscope, split upper gastrointestinal endoscope, etc., which are expected to enhance the competitive advantage of bidding and clinical academic recognition. Risk tips: product commercialization is not as expected, R & D is not as expected, and so on. [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.
[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.
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