常规业务同比增长205%，看好呼吸道检测产品长期放量

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 38.16 CNY, which corresponds to a dynamic price-to-earnings ratio of 20 times for 2024 [19][22]. Core Views - The company has launched several exclusive joint detection products that have shown good applicability in various hospitals and grassroots medical institutions, indicating a strong market position [1]. - The company reported a total revenue of 478 million CNY for 2023, representing a year-on-year growth of 7.03%. The non-COVID business revenue reached 416 million CNY, with a significant year-on-year increase of 205.49% [17][22]. - The report highlights a robust growth trajectory for the company, with projected revenue growth rates of 7.0%, 36.8%, and 53.4% for 2023, 2024, and 2025, respectively [22]. Financial Summary - Main revenue figures for the company are as follows: - 2021A: 326.91 million CNY - 2022A: 446.62 million CNY - 2023E: 478.01 million CNY - 2024E: 653.69 million CNY - 2025E: 1,002.90 million CNY [2] - Net profit figures are as follows: - 2021A: 120.25 million CNY - 2022A: 150.68 million CNY - 2023E: 174.71 million CNY - 2024E: 259.58 million CNY - 2025E: 393.78 million CNY [2] - Earnings per share (EPS) projections are: - 2021A: 0.88 CNY - 2022A: 1.11 CNY - 2023E: 1.28 CNY - 2024E: 1.91 CNY - 2025E: 2.89 CNY [2] Market Dynamics - The respiratory pathogen detection market is experiencing significant growth due to high demand, increased supply penetration, and supportive policies, indicating a vibrant growth phase [9][10]. - The company has successfully penetrated the pediatric emergency market, enhancing its hospital coverage and indicating substantial future growth potential [29].