收入利润超预期，核心收入同比增长205%

Investment Rating - The report maintains a "Buy" rating for Innodtech (688253) [6] Core Views - Innodtech's 2023 annual performance exceeded expectations, with operating revenue reaching 478 million yuan (+7.03% YoY) and net profit attributable to parent company of 175 million yuan (+15.95% YoY) [6] - Non-COVID core revenue grew 205.49% YoY to 416 million yuan, accounting for the majority of total revenue [6] - The company's respiratory pathogen POCT detection products have significant competitive advantages, with detection results available in 15-25 minutes [6] - Innodtech expanded its hospital coverage from 1,700 to 4,000 hospitals in 2023, rapidly increasing market penetration [6] Financial Performance - Revenue is expected to grow from 478 million yuan in 2023 to 832 million yuan in 2025, representing a CAGR of 31.8% [6][15] - Net profit attributable to parent company is projected to increase from 175 million yuan in 2023 to 404 million yuan in 2025, with a CAGR of 51.9% [6][15] - Gross margin improved significantly from 61.2% in 2022 to 81.2% in 2023, and is expected to remain above 84% in the coming years [15] - ROE is forecasted to increase from 9.4% in 2023 to 15.8% in 2025, indicating improving profitability [15] Business Highlights - Innodtech is the domestic leader in respiratory pathogen POCT detection, with exclusive products covering over 15 respiratory pathogens [6] - The company's products enable simultaneous detection of 3-9 pathogens, significantly improving clinical efficiency [6] - Key products include antigen/antibody triple detection, whole blood/serum quintuple detection, and immunofluorescence nine-fold detection [6] Valuation - The company's P/E ratio is expected to decline from 24.37x in 2023 to 10.55x in 2025, reflecting strong earnings growth [15] - EV/EBITDA is projected to decrease from 16.81x in 2023 to 6.37x in 2025, indicating improving valuation metrics [15] Market Position - Innodtech has established itself as the market leader in respiratory pathogen POCT detection in China [6] - The company's rapid expansion in hospital coverage demonstrates its strong market penetration capabilities [6]