DIRUI(SZ:300396) Tianfeng Securities·2024-04-23 01:30Investment Rating - The report maintains a "Buy" rating for the company [4][14]. Core Insights - The company reported a revenue of 1.378 billion yuan in 2023, a year-on-year increase of 12.96%, and a net profit of 275.59 million yuan, up 5.26% year-on-year. In Q1 2024, revenue surged to 663 million yuan, reflecting a 99.60% year-on-year growth, with net profit reaching 122 million yuan, a 56.73% increase [2][4]. - The company is focusing on enhancing channel capabilities and expects significant growth in reagent sales, supported by a series of measures to empower distribution channels and optimize sales teams [3][7]. - The international market is showing promising growth, with revenue from overseas markets increasing by 31.61% in 2023, contributing to 39.7% of total revenue. The company is implementing a large customer strategy and local management upgrades to drive this growth [3][8]. Financial Performance Summary - In 2023, the company achieved a gross margin of 50.53%, with a net profit margin of 20%. The revenue growth rates for 2024 and 2025 are projected at 67.74% and 31.36%, respectively, with net profit growth rates of 57.25% and 31.54% [4][8][12]. - The company's revenue forecast for 2024 and 2025 has been adjusted to 2.311 billion yuan and 3.036 billion yuan, respectively, with net profit forecasts of 433.36 million yuan and 570.03 million yuan [4][5]. - The report highlights a significant increase in earnings per share (EPS), projected to rise from 1.00 yuan in 2023 to 2.08 yuan in 2025 [5][13].