BSBE(SZ:300406) Tai Ping Yang·2024-04-07 16:00Investment Rating - The report maintains a "Buy" rating for the company [5][14]. Core Views - The company achieved a revenue of 1.742 billion yuan in 2023, representing a year-on-year growth of 15.27%. The net profit attributable to shareholders was 524 million yuan, up 34.59% year-on-year [2][5]. - The company is expected to see revenue growth of 20% in 2024, with projected revenues of 2.088 billion yuan, and a net profit of 627 million yuan, reflecting a growth rate of 19.7% [5][6]. - The company has successfully recovered its outpatient and surgical volumes, which has driven sales growth in biochemical and pathological reagents [2][14]. Financial Summary - In 2023, the company reported a net operating cash flow of 585 million yuan, a significant increase of 47.69% year-on-year [2]. - The gross profit margin for the company improved to 74.66% in 2023, with a net profit margin of 29.98%, an increase of 3.87 percentage points year-on-year [2][6]. - The company’s earnings per share (EPS) for 2023 was 0.90 yuan, with projections of 1.07 yuan for 2024, 1.31 yuan for 2025, and 1.60 yuan for 2026 [5][6]. Business Development - The company has signed a product distribution agreement with ELITech Group Inc., which is expected to enhance its global market presence with lower sales costs [2][5]. - The company has restructured its business divisions to facilitate resource sharing and collaborative development between its clinical and pathological departments [2][14].