业绩符合预期，业务发展进入高质量新周期

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report indicates that the company's performance meets expectations, entering a new high-quality development cycle [2] - The company achieved a revenue of 1.471 billion yuan in 2023, representing a year-on-year increase of 27.20%, and a net profit attributable to shareholders of 100 million yuan, up 116.85% year-on-year [2][5] - The dual-driven strategy of medical services and medical devices is expected to drive high growth, with projected revenues of 1.765 billion, 2.048 billion, and 2.429 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 20.0%, 16.0%, and 18.6% [5][11] Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 28.57%, an increase of 2.04 percentage points year-on-year, and an operating cash flow of 190 million yuan, up 18.26% year-on-year [2] - The medical services segment generated revenue of 1.149 billion yuan, a year-on-year increase of 15.28%, while the medical devices segment saw revenue of 322 million yuan, up 101.69% year-on-year [2] Business Segments - The medical services segment focuses on building a tumor specialty system, with significant revenue contributions from hospitals such as Sichuan Friendship Hospital and Suzhou Guangci Hospital [2] - The medical devices segment has rapidly expanded, supported by acquisitions and increased R&D investment, which reached 52 million yuan, up 86.35% year-on-year [2][5] Future Projections - The company is expected to maintain robust growth in both segments, with net profit projections of 126 million, 154 million, and 197 million yuan for 2024, 2025, and 2026 respectively, indicating year-on-year growth rates of 25.2%, 22.1%, and 28.5% [5][11]