装机持续推进，自产发光实现50%高增长

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for stock price appreciation relative to the benchmark [1]. Core Insights - The company achieved a revenue of 2.053 billion yuan in 2023, a year-over-year decline of 48%, primarily due to the significant drop in COVID-related revenue. However, excluding COVID-related revenue, the non-COVID business saw a 36% year-over-year increase, reaching 1.711 billion yuan [1]. - The self-produced chemiluminescence business showed remarkable growth, with revenue increasing by 50% to 1.168 billion yuan in 2023. The company's strategy of "specialized hospital entry and regular volume increase" has proven effective, as evidenced by the addition of 2,080 new installations, a 29% increase year-over-year [1]. - The international expansion continues, with the company covering over 110 countries and regions. In 2023, the company added four overseas service points and strengthened its collaboration with MBL for the Japanese market [1]. Financial Summary - The company forecasts revenues of 2.232 billion yuan, 2.901 billion yuan, and 3.707 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 8.7%, 30.0%, and 27.8% [1]. - The projected net profits for the same years are 456 million yuan, 621 million yuan, and 856 million yuan, reflecting year-over-year growth rates of 28.4%, 36.2%, and 37.9% [1]. - The report indicates that the company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 26, 19, and 14 times, respectively [1].