亚辉龙点评报告：自产发光业务靓丽，高端机型占比提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][11]. Core Insights - The company reported a significant decline in revenue for 2023, with total revenue of 2.05 billion yuan, down 48.42% year-on-year, primarily due to a 87.46% drop in COVID-related business [3][4]. - However, the non-COVID self-owned business showed strong growth, with revenues of 1.33 billion yuan in 2023, representing a 47% increase year-on-year [5]. - The company has seen a substantial increase in the installation of its chemical luminescence instruments, with 2,080 units installed in 2023, and a growing proportion of high-end models [6]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 355 million yuan, a decrease of 64.93% year-on-year, with a net profit margin of 17.29% [3][11]. - For Q1 2024, the company reported a revenue of 431 million yuan, down 34.65% year-on-year, but the decline in profit is narrowing [4][11]. Business Segments - The self-owned chemical luminescence business generated revenues of 1.17 billion yuan in 2023, up 50% year-on-year, with domestic sales growing by 51% [5][6]. - The company has invested significantly in R&D, with expenditures of 325 million yuan in 2023, a 30.04% increase, focusing on various testing reagents [10]. Market Position - The company has increased its market share in the high-end segment, with the iFlash3000G model accounting for 35% of new installations in 2023 [6]. - The overall gross margin for the main business reached 56.57% in 2023, an increase of 2.92 percentage points year-on-year [7][9]. Future Projections - Revenue forecasts for 2024-2026 are 2.22 billion yuan, 2.75 billion yuan, and 3.38 billion yuan, with expected growth rates of 8%, 24%, and 23% respectively [11][18]. - The projected net profit for 2024 is 465 million yuan, reflecting a 31% increase year-on-year [11][18].