Jinwu Financial News | According to Zheshang Securities Research, Minimally Invasive Brain Science (02172) had revenue of 666 million yuan in 2023, an increase of 21.6% over the previous year, and net profit of 135 million yuan, turning losses into profits and growing strongly over the previous year. The bank believes that as the company continues to release new products, high revenue and profit growth can be expected in 2024.
According to the bank, in 2023, the company's gross profit margin was 76.9%, an increase of 5.1 pct over the previous year, mainly due to supply chain improvements. In 2023, the company completed more than 60 supply chain improvements and upgrades, and the localization rate of raw materials reached more than 90%, with significant cost reduction and efficiency effects; in 2023, the net profit margin was 20%, turning a loss into a profit. The bank believes that in 2024-2026, even with volume procurement or impact, profit margins are expected to increase under the company's continuous management optimization and scale effects.
Based on the above assumptions, the bank estimates that the company's revenue for 2024-2026 will be 888/11.19/1,428 million yuan, respectively, up 30%, 29%, and 28% year-on-year; the company's net profit to mother in 2024-2026 will be 2.04/3.00/389 million yuan, respectively, corresponding EPS will be 0.35, 0.52, and 0.67 yuan (21 times PS in 2024), maintaining the “increase in weight” rating.