2023年年报点评报告：募投项目有序推进，自主品牌加快提升

Investment Rating - The report assigns a "Buy" rating for the company, Jiet Bio (688026), marking its first coverage [1]. Core Insights - The company is actively advancing its fundraising projects and enhancing its proprietary brand, with a focus on expanding into the medical consumables and equipment sectors [8][20]. - Despite a challenging market environment, the company aims to increase its market share through improved product quality and brand recognition, particularly in the domestic market [20]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 133 million yuan, representing a year-on-year increase of 3.03% and a quarter-on-quarter increase of 0.34%. The net profit attributable to shareholders was 21 million yuan, up 885.76% year-on-year and 89.35% quarter-on-quarter [4]. - For the full year 2023, the company reported a total revenue of 463 million yuan, a decline of 24.06% year-on-year, and a net profit of 35 million yuan, down 60.34% year-on-year [16][17]. - The gross profit margin for 2023 was 30.62%, a decrease of 1.22 percentage points compared to the previous year [16]. Segment Performance - The liquid handling segment generated revenue of 274 million yuan, down 33.51% year-on-year, with a gross margin of 30.23% [17]. - The biological culture segment reported revenue of 157 million yuan, a slight decline of 2.63% year-on-year, with a gross margin of 39.08% [17]. - The instruments and other segment saw revenue drop to 18 million yuan, down 39.83% year-on-year, with a negative gross margin of -4.47% [17]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 523 million yuan, 630 million yuan, and 811 million yuan, respectively, with corresponding net profits of 48 million yuan, 65 million yuan, and 84 million yuan [11][20]. - The company is expected to improve its price-to-earnings (P/E) ratio from 68.96 in 2023 to 17.49 by 2026, indicating a potential for growth and investment attractiveness [11][20].