自产发光收入+50%，持续深化研发能力

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The report highlights that the company has experienced rapid growth in its conventional business, particularly in the chemiluminescence sector, which has shown impressive performance [4]. - The company reported a total revenue of 2.05 billion yuan in 2023, a decrease of 48.4% year-on-year, with a net profit attributable to the parent company of 355 million yuan, down 64.9% [4]. - The report anticipates that the company's revenue will achieve a compound annual growth rate (CAGR) of 5.7% from 2024 to 2026, with net profit expected to grow at a CAGR of 36.5% during the same period [4]. Financial Performance and Forecast - In 2023, the company achieved a gross profit margin of 56.8%, with a projected increase to 67.3% in 2024 and further to 71.6% by 2026 [10]. - The report forecasts that the company's net profit will reach 900 million yuan by 2026, with earnings per share (EPS) expected to increase to 1.58 yuan [10]. - The company’s operating income is projected to grow from 2.05 billion yuan in 2023 to 3.38 billion yuan in 2026, reflecting a significant recovery and growth trajectory [10]. Business Developments - The company has maintained a strong focus on research and development, with R&D expenditures amounting to 1.25 billion yuan in 2023, representing 38.5% of its total revenue [4]. - The report notes that the company has registered a total of 163 projects, with key projects including high-sensitivity troponin and autoimmune myositis tests, indicating a robust pipeline in the chemiluminescence field [4]. - The company has successfully installed over 1,188 units of its high-speed machines across major hospitals, demonstrating its strong market presence and operational capabilities [4].