盈利能力持续提升，东南亚拓展值得期待

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 42.13 CNY, which corresponds to a dynamic P/E ratio of 20 times for 2024 [12][14]. Core Insights - The company achieved a revenue of 282 million CNY in Q1 2024, representing a year-on-year growth of 109.36%, and a net profit of 146 million CNY, up 171.44% year-on-year. The gross margin and net margin improved to 83.55% and 51.87%, respectively [1]. - The company is expanding its overseas market presence, establishing a wholly-owned subsidiary in Singapore to serve as a headquarters for international market development, particularly targeting Southeast Asia [6]. - The demand for respiratory pathogen testing remains high, driven by both market needs and supportive policies from health authorities [18]. Financial Performance - In 2023, the company reported a revenue of 478 million CNY, a 7.03% increase year-on-year, and a net profit of 174 million CNY, up 15.44% year-on-year. The operating cash flow increased by 105.53% to 260 million CNY [15]. - The company’s non-COVID respiratory products generated a revenue of 405 million CNY in 2023, marking a significant year-on-year growth of 246.17% [15]. - The company expects revenue growth rates of 37.2%, 53.4%, and 42.5% for 2024, 2025, and 2026, respectively, with net profit growth rates of 64.8%, 47.9%, and 39.8% for the same years [14]. Market Dynamics - The respiratory pathogen testing industry is experiencing high demand, with the National Influenza Center reporting an increase in flu sample testing compared to the previous year [18]. - The National Health Commission has emphasized the necessity of pathogen testing and multi-pathogen testing in its recent guidelines, indicating a supportive regulatory environment for the industry [18].