maccura(SZ:300463)2024-04-28 12:30Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company reported a significant decline in revenue and profit for 2023, with total revenue of 2.896 billion yuan (-19.75%) and net profit attributable to shareholders of 313 million yuan (-55.86%) [1]. - The decline in performance is attributed to high base effects from COVID-19 related product sales in 2022, the further divestment of agency business, and impairment losses totaling 94 million yuan [1]. - The company is focusing on optimizing its business structure, which has led to a recovery in gross profit margin to 55.27% in 2023 and further improvement to 57.41% in Q1 2024 [1]. - The company has made significant investments in R&D, with expenditures of 414 million yuan in 2023 (+22.34%) and a total of 1,172 R&D personnel [1]. - The company is actively promoting its laboratory integration platforms, which are expected to drive future reagent sales growth [1]. Financial Summary - For 2023, the company achieved a revenue of 2.896 billion yuan, with a projected revenue growth of 7.21% in 2024 [3]. - The net profit for 2023 was 313 million yuan, with an expected recovery to 451 million yuan in 2024, reflecting a growth rate of 44.24% [3]. - The gross profit margin is expected to improve from 55.27% in 2023 to 60.19% in 2024 [3]. - The report forecasts earnings per share (EPS) to be 0.51 yuan in 2023, increasing to 0.74 yuan in 2024 [3].