Kingmed Diagnostics(SH:603882)2024-04-30 08:30Investment Rating - The report maintains a "Recommended" rating for the company Jin Yu Medical (金域医学) [1][2]. Core Views - The company has experienced significant revenue and profit declines due to changes in industry conditions and impairment provisions, but the long-term outlook remains positive [1][2]. - The company achieved a revenue of 8.54 billion yuan in 2023, a decrease of 44.82%, with a net profit of 643 million yuan, down 76.64% [1]. - The first quarter of 2024 saw a revenue of 1.84 billion yuan, a decline of 13.05%, and a net loss of 19 million yuan [1]. Financial Performance Summary - In 2023, the company reported a significant drop in revenue and profits, primarily due to reduced demand for testing services related to public health events [1]. - The company’s regular medical testing business generated revenue of 7.73 billion yuan in 2023, with a year-on-year growth of 15.35% [1]. - The company completed the development of 412 new projects in 2023, contributing 638 million yuan in revenue [1]. Future Outlook - The revenue target for 2024 has been adjusted to 9.3 billion yuan, with projected net profits of 981 million yuan, reflecting a growth of 52.52% year-on-year [2][3]. - The company is focusing on digital transformation to improve operational efficiency and profitability, leveraging big data and automation technologies [1]. - The report anticipates that the industry will see a consolidation phase post-competition, benefiting leading companies like Jin Yu Medical [1].