23Q4业绩亮眼，国药赋能持续推进

Investment Rating - The report maintains a "Buy" rating for the company, reflecting optimism about its strategic development and the ongoing support from its major shareholder, China National Pharmaceutical Group [2][14]. Core Insights - The company has shown significant recovery in its business operations, with a 2023 revenue of 1.742 billion yuan, representing a year-over-year increase of 15.27%. The net profit attributable to shareholders reached 524 million yuan, up 34.60% year-over-year [2][10]. - Research and development investments have increased, with 163 million yuan allocated in 2023, marking an 18.73% growth. The company has also secured 52 patents and 34 medical device registrations during the reporting period [2][10]. - The company has entered the chemiluminescence sector, a recognized high-quality segment in in vitro diagnostics (IVD), with the approval of its fully automated chemiluminescence immunoassay analyzers [2][10]. - The partnership with China National Pharmaceutical Group is expected to enhance the company's internal growth channels and facilitate mergers and acquisitions, thereby boosting its market presence [2][10]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 508 million yuan, a 30.69% increase year-over-year, and a net profit of 152 million yuan, up 27.22% year-over-year [2][10]. - The projected net profits for 2024 and 2025 have been adjusted to 630 million yuan and 763 million yuan, respectively, reflecting a decrease of 6.4% and 8.5% from previous forecasts [2][10]. - The company’s earnings per share (EPS) for 2023 is reported at 0.89 yuan, with projections of 1.07 yuan for 2024 and 1.30 yuan for 2025 [11]. Valuation Metrics - The current price-to-earnings (P/E) ratio is 22, with future projections of 18 for 2024, 15 for 2025, and 12 for 2026 [11][12]. - The company’s return on equity (ROE) is expected to improve from 14.06% in 2023 to 16.40% by 2026 [11]. Strategic Developments - The company has made strategic investments, including acquiring a stake in Longjin Biological Technology Co., which is aimed at further developing its platform capabilities [3]. - The signing of a product distribution agreement with ELITech Group Inc. is anticipated to reduce sales and promotion costs while enhancing brand recognition and expanding overseas market reach [2][10].