2023年年报业绩点评：全年表观业绩承压，常规业务经营稳健

Investment Rating - The report maintains a "Recommended" rating for the company [10]. Core Views - The company reported a significant decline in revenue and net profit for 2023, with total revenue of 13.408 billion yuan, down 33.89%, and a net profit attributable to shareholders of 307.46 million yuan, down 78.56% [10]. - Despite the challenging operating environment, the company's core business remains resilient, particularly in diagnostic services, which saw an 11.91% increase in revenue to 5.187 billion yuan [10]. - The company has expanded its testing capabilities and product offerings, including new medical devices and diagnostic tests, which are expected to enhance its market position [10]. Financial Summary - The company’s projected financials for 2024-2026 include: - Revenue growth rates of 10.01%, 9.69%, and 8.87% respectively [12]. - Net profit forecasts of 774.35 million yuan, 973.34 million yuan, and 1.18288 billion yuan, reflecting growth rates of 151.85%, 25.70%, and 21.53% respectively [12]. - The projected EPS for the same period is 1.24 yuan, 1.55 yuan, and 1.89 yuan [12]. - The company’s gross margin is expected to improve from 31.29% in 2023 to 34.88% by 2026 [12].