免疫业务稳健增长，24Q1盈利能力显著提升

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong performance relative to the benchmark [7]. Core Views - The company's immune business shows robust growth, with significant improvement in profitability in Q1 2024. In 2023, the company achieved revenue of 4.444 billion yuan, a slight increase of 0.05% year-on-year, and a net profit of 1.217 billion yuan, up 4.28% year-on-year [1][2]. - The company has established a comprehensive marketing network covering approximately 62% of tertiary hospitals in China and has made significant strides in international expansion, with overseas revenue reaching 209 million yuan in 2023, a 61% increase year-on-year [1][2]. - The company has increased its R&D investment, leading to improved product structure and profitability. The gross profit margin in 2023 was 65%, an increase of about 5.2 percentage points from 2022 [1][2]. Financial Performance Summary - In 2023, the company's immune diagnostic business generated revenue of 2.483 billion yuan, a 24% increase year-on-year. The microbiological testing segment achieved 323 million yuan, up 19% year-on-year, while biochemical testing revenue was 250 million yuan, up 21% year-on-year [1][2]. - The company forecasts revenues of 5.116 billion yuan, 6.018 billion yuan, and 7.160 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 15.1%, 17.6%, and 19.0% [1][2]. - The projected net profits for the same years are 1.543 billion yuan, 1.904 billion yuan, and 2.340 billion yuan, with growth rates of 26.7%, 23.4%, and 22.9% respectively [1][2]. Key Financial Metrics - The gross profit margin is expected to remain stable, with slight improvements projected over the next few years, reaching 66.0% by 2026 [2][3]. - The company's earnings per share (EPS) is projected to increase from 2.08 yuan in 2023 to 3.99 yuan by 2026 [2][3]. - The price-to-earnings (P/E) ratio is expected to decrease from 26.14 in 2023 to 13.60 by 2026, indicating a potentially more attractive valuation over time [2][3].