核心业务平稳增长，股权激励彰显信心

Investment Rating - The report maintains a "Buy" rating for the company, with an "Increase" rating based on the expected growth in net profit for the years 2024-2026 [3][19]. Core Viewpoints - The company reported a revenue of 2.281 billion yuan in 2023, a year-on-year decrease of 20.36%, and a net profit attributable to shareholders of 406 million yuan, down 32.41% year-on-year. The operating cash flow also saw a significant decline of 60.59% [10][11]. - The report highlights the company's strategic advantages, including technological, user network, and supply chain strengths, supported by its parent company, Haier Group. The company is positioned to lead in the smart IoT solutions for biological safety applications, which are expected to drive industry-wide product upgrades [3][19]. - The company aims to enhance its market share by leveraging its internal R&D and external acquisitions to provide comprehensive solutions in biological safety applications [3][19]. Financial Performance Summary - In 2023, the company achieved a revenue of 2.281 billion yuan, with a net profit of 406 million yuan. The revenue for Q4 2023 was 455 million yuan, reflecting a year-on-year decline of 42.37% [10][11]. - The projected net profits for 2024, 2025, and 2026 are estimated at 521 million yuan, 664 million yuan, and 835 million yuan, respectively, with corresponding PE ratios of 16.8, 13.2, and 10.5 [3][19]. - The company’s gross margin improved to 50.6% in 2023, with expectations for continued growth in the coming years [7][19]. Market and Product Development - The company is focusing on expanding its product offerings in the life sciences sector, with new solutions for cell and gene therapy, and automation in laboratory management [11][12]. - The domestic market revenue was 1.489 billion yuan in 2023, a decline of 26%, but core business revenue grew by 4% when excluding public health control impacts [12]. - The company is also enhancing its international market presence, with overseas revenue of 783 million yuan, down 6% year-on-year, but with a focus on localizing solutions to drive growth [12][19]. R&D and Innovation - The company increased its R&D investment to 320 million yuan in 2023, accounting for 14% of its revenue, and is developing an open R&D system across multiple technology platforms [14][19]. - Key R&D projects include advancements in ultra-low temperature storage solutions and laboratory automation platforms, which are expected to lead to significant product launches [15][19]. Employee Incentives - The company has introduced a stock incentive plan for 2024, granting 3.42 million restricted shares to 262 employees, aimed at motivating staff and aligning their interests with the company's growth objectives [17][19].