业绩稳健增长，具备持续增长潜力

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 22.73 CNY, compared to the current price of 18.94 CNY [3]. Core Views - The company has demonstrated steady revenue growth, achieving 1.146 billion CNY in revenue for 2023, a year-on-year increase of 16.55%. The net profit attributable to the parent company was 329 million CNY, up 30.66% year-on-year [8][10]. - The company is expanding its product offerings in the in vitro diagnostics and clinical medical fields, with significant growth in both domestic and international markets. The in vitro diagnostics business generated 829 million CNY in revenue, a 10.73% increase year-on-year, while the treatment and rehabilitation business saw a 33.79% increase to 304 million CNY [1][2]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.146 billion CNY, with a net profit of 329 million CNY, reflecting a growth rate of 30.66% [8]. - The fourth quarter of 2023 alone saw a revenue of 337 million CNY, a year-on-year increase of 8.71%, and a net profit of 124 million CNY, up 25.66% [8]. Business Segments - The in vitro diagnostics segment accounted for 73.15% of total revenue, while the treatment and rehabilitation segment contributed 26.85% [1]. - The company has launched 32 new domestic registration certificates in the in vitro diagnostics field, enhancing its competitive edge and market penetration [2]. Market Expansion - The company has established subsidiaries in Russia and Indonesia, enhancing its international market presence and brand influence [1]. - The "Pumen Aesthetics" sub-brand has been launched, positioning the company as a comprehensive player in the energy medical aesthetics market in China [1]. Future Projections - Revenue projections for 2024-2026 are estimated at 1.472 billion CNY, 1.819 billion CNY, and 2.172 billion CNY, respectively, with net profits expected to reach 425 million CNY, 533 million CNY, and 630 million CNY [10][12].