2023年报点评：业绩符合预期，合规优势凸显

Investment Rating - The investment rating for the company is "Accumulate" [1][3] - The previous rating was also "Accumulate" [1] - The target price has been adjusted to 24.82 from the previous 27.30 [1] Core Insights - The company's performance met expectations, highlighting compliance advantages in the domestic market, rapid growth in in-hospital reagent revenue, and swift international market expansion [1] - The company is expected to continue its rapid growth due to accelerated market access and an expanding network of pharmaceutical partnerships [1] - The company achieved a revenue of 1.044 billion yuan in 2023, representing a year-on-year increase of 23.91% [1] - The net profit attributable to shareholders for 2023 was 261 million yuan, with a significant increase of 121.68% year-on-year [1] Financial Summary - Revenue for 2023 was 1.044 billion yuan, with a net profit of 261 million yuan [1] - The company reported a non-net profit of 239 million yuan, reflecting a year-on-year growth of 52.21% [1] - The earnings per share (EPS) for 2024 and 2025 are forecasted at 0.73 yuan and 0.95 yuan respectively [1] - The company’s total market capitalization is 8,032 million yuan [1] Market Position and Growth - The company has a strong compliance advantage in the domestic market, with in-hospital testing reagent revenue growing over 40% year-on-year [1] - The international market is expanding rapidly, with international sales reaching 258 million yuan, a growth of 24.68% [1] - The company has established local teams in key overseas markets to accelerate market entry [1] Valuation Metrics - The company is valued at a PE ratio of 34X for 2024 [1] - The projected net profit for 2024 is 291 million yuan, with a growth rate of 7% [1] - The company’s return on equity (ROE) is projected to be 15.4% in 2024 [1]