万孚生物点评报告：常规业务全面提“质”，一季度内生增长稳健

Investment Rating - The report maintains a "Buy" rating for the company, with a projected 2024 PE of 16x based on the closing price on April 19, 2024 [15] Core Views - The company's conventional infectious disease testing business has shown significant recovery and growth, laying a solid foundation for long-term sustainable growth [1] - The company's chronic disease management testing business achieved revenue of RMB 1.119 billion in 2023, a year-on-year increase of 19.11%, driven by the recovery of the domestic hospital market [2] - The company's drug abuse testing business achieved revenue of RMB 331 million in 2023, a year-on-year increase of 12.68%, with stable core customer groups and rapid growth in North America [3] - The company's prenatal and postnatal testing business achieved revenue of RMB 267 million in 2023, a year-on-year increase of 10.08%, with breakthroughs in key product categories [4] Financial Performance - The company's 2023 revenue was RMB 2.765 billion, a year-on-year decrease of 51.33%, with a net profit attributable to the parent company of RMB 488 million, a year-on-year decrease of 59.26% [25] - In Q1 2024, the company achieved revenue of RMB 861 million, a year-on-year increase of 3.54%, with a net profit attributable to the parent company of RMB 218 million, a year-on-year increase of 7.20% [25] - The company's gross profit margin in 2023 increased by 10.79 percentage points year-on-year to 62.61%, with significant improvements in various business segments [29] - The company's net profit margin in Q1 2024 increased by 1.29 percentage points year-on-year to 25.60% [29] R&D and Innovation - The company invested RMB 422 million in R&D in 2023, accounting for 15.26% of revenue, with breakthroughs in strategic areas such as chemiluminescence, molecular diagnostics, and pathology [13][14] - The company launched new high-speed chemiluminescence immunoassay analyzers and molecular POCT products, which have been widely recognized by top-tier hospitals [13][14] Future Projections - The company's revenue is expected to grow to RMB 3.373 billion, RMB 4.142 billion, and RMB 5.033 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22%, 21%, and 22% [15] - Net profit attributable to the parent company is expected to grow to RMB 652 million, RMB 881 million, and RMB 1.061 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34%, 35%, and 21% [15] - The company's EPS is expected to be RMB 1.38, RMB 1.87, and RMB 2.25 in 2024, 2025, and 2026, respectively [15]