HAIER BIOMEDICAL(SH:688139)2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company [15]. Core Views - The company reported a total revenue of 2.281 billion yuan in 2023, a decrease of 20.36% year-on-year, with a net profit attributable to shareholders of 406 million yuan, down 32.41% [15]. - Despite facing challenges such as high base effects and a weak macroeconomic environment, the core business revenue (excluding public health control business) showed a slight positive growth, with new industries accounting for 38% of total revenue, growing over 30% year-on-year [15]. - The company is focusing on digital transformation and innovation in smart technology, which is expected to open new growth opportunities [15]. Financial Summary - Revenue Forecast: - 2023: 2,280.90 million yuan - 2024E: 2,778.30 million yuan (21.81% growth) - 2025E: 3,343.65 million yuan (20.35% growth) - 2026E: 4,013.44 million yuan (20.03% growth) [5] - Net Profit Forecast: - 2023: 406.07 million yuan - 2024E: 505.59 million yuan (24.51% growth) - 2025E: 625.45 million yuan (23.71% growth) - 2026E: 764.89 million yuan (22.29% growth) [5] - Gross Margin: - 2023: 50.63% - 2024E: 50.88% - 2025E: 51.23% - 2026E: 51.47% [5] Business Segments - Life Sciences Segment: - 2023 revenue of 1.031 billion yuan, a decrease of 17%, with a 6% decline in core business after excluding public health control business [15]. - Medical Innovation Segment: - 2023 revenue of 1.241 billion yuan, a decrease of 23%, but core business grew by 6% after excluding public health control business [15]. Investment Recommendations - The company is expected to benefit from its leading low-temperature storage technology and IoT solutions, with a long-term growth outlook remaining positive. However, short-term demand recovery is weak, leading to a downward adjustment of net profit forecasts for 2024-2026 [15].