2024Q1业绩预计高增长，市场开拓力度持续加大

Investment Rating - The report maintains a "Buy" rating for the company [9][14]. Core Insights - The company is expected to achieve significant growth in Q1 2024, with projected revenue between RMB 257 million and RMB 285 million, representing a year-on-year increase of 91.06% to 111.88%. The net profit attributable to shareholders is anticipated to be between RMB 138 million and RMB 154 million, reflecting a growth of 156.42% to 186.15% [11]. - The company is intensifying its market expansion efforts, particularly in tiered hospitals and grassroots medical markets, with a notable increase in hospital coverage from approximately 1,700 in July 2022 to a significantly higher number in 2023 [12]. - Favorable policies and increased awareness of early diagnosis are driving demand for respiratory testing, supported by government initiatives and expert consensus on the importance of early screening for respiratory diseases [13]. Financial Summary - Revenue projections for 2023-2025 are RMB 478 million, RMB 660 million, and RMB 891 million, with corresponding net profits of RMB 175 million, RMB 281 million, and RMB 381 million. The expected EPS for these years are RMB 1.28, RMB 2.07, and RMB 2.80, respectively [15][16]. - The company’s current P/E ratios are projected to be 28.90, 17.95, and 13.26 for 2023, 2024, and 2025, indicating a favorable valuation trend [14][15].