2023年报及2024年一季报点评

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 19 yuan [1][16] Core Views - The company's performance is under pressure due to centralized procurement and medical compliance actions, leading to a decline in revenue and profit [1][16] - The company's product structure has improved, with reagent revenue accounting for 92 19% of total revenue, leading to an increase in gross margin to 65 26% [1] - The company has established a wholly-owned subsidiary in Singapore to accelerate international market expansion [1] - The report forecasts the company's net profit for 2024-2026 to be 140, 160, and 190 million yuan, respectively, with a compound annual growth rate of 16 1%-17 3% [1] Financial Performance - In 2023, the company's revenue was 543 million yuan, a decrease of 24 19% year-on-year, and net profit was 89 million yuan, a decrease of 28 34% year-on-year [16] - In Q1 2024, the company's revenue was 93 million yuan, a decrease of 23 61% year-on-year, and net profit was -4 49 million yuan [16] - The company's gross margin increased to 65 26% in 2023 due to the higher proportion of reagent revenue, which has a higher gross margin of 70 00% compared to instruments [1] - The company's net profit margin decreased to 16 47% in 2023 due to higher expense ratios, with sales, R&D, and management expense ratios increasing to 32 34%, 14 32%, and 5 80%, respectively [1] Market Expansion - The company has established a wholly-owned subsidiary in Singapore to leverage its position as an international trade hub and accelerate the company's international business expansion [1] Financial Forecast - The report forecasts the company's revenue for 2024-2026 to be 697, 810, and 937 million yuan, respectively, with a compound annual growth rate of 16 1%-28 5% [17] - The company's net profit for 2024-2026 is forecasted to be 140, 160, and 190 million yuan, respectively, with a compound annual growth rate of 16 1%-57 2% [17] - The company's EPS for 2024-2026 is forecasted to be 0 86, 0 99, and 1 17 yuan, respectively, with a PE ratio of 16, 14, and 12 times [1][17]