CROSBY Research – Vincent Medical (1612 HK/BUY): Achieving financial turnaround in FY23

21 Mar 2024

Vincent Medical’s FY23 turnover (VM) amounted to HK$718.0m, representing a YoY increase of 14.1%. The increase is mainly driven by the increase in orders from the imaging disposable products segment, coupled with the rebound in sales of respiratory products. On the back of higher revenue, improvement in capacity utilization, operating efficiency and decrease in allowance for inventories, GPM expanded by 7.2ppt to 33.5% in FY23 from 26.3% in FY22. Driven by the increase in sales and improvement in GPM, bottom line in FY23 consequently turned into a positive NP of HK$57.3m, compared to a net loss of HK$17.4m in FY22.

← CROSBY Research – Xiaomi Corporation (1810 HK): Solid 4Q23 core business recovery; launching of new EV will be near-term catalyst
CROSBY Research – Tai Hing (6811 HK): Turnaround in FY23 with a generous payout ratio →