Fibro保持高增速，股权激励彰显信心

Investment Rating - The report maintains a positive outlook on Fibro, indicating a strong growth trajectory and confidence in the company's future through stock incentive plans [4][10]. Core Insights - FibroGo's per-use charging model and the launch of the new drug Resmetirom for MASH are expected to significantly expand the demand for liver fibrosis testing [2][11]. - The company reported a revenue of 1.15 billion yuan in 2023, a 14.4% increase year-on-year, with a net profit of 100 million yuan, up 3.8% [3][5]. - The first quarter of 2024 showed a remarkable revenue growth of 33.4% to 320 million yuan, with net profit soaring by 228.6% to 40 million yuan [3][5]. Summary by Sections Financial Performance - In 2023, the revenue breakdown shows medical device income at 830 million yuan (+35.4%), while pharmaceutical income decreased to 280 million yuan (-20.8%) [3][5]. - The company expects revenue growth for 2024-2026 to be 34.3%, 36.2%, and 30.2% respectively, with net profit projected to grow significantly [5][11]. Business Segments - The medical device segment is anticipated to continue its strong performance, with a projected gross margin of 90% for 2024-2026 [11][12]. - The pharmaceutical segment is transitioning to an academic-led sales model, with expected revenue growth of 18% annually from 2024 to 2026 [11][12]. Stock Incentive Plan - The company has proposed a stock incentive plan to grant approximately 3.5 million shares, representing 1.3% of the total share capital, with performance targets set for net profit over the next three years [4][10]. Market Outlook - The global market for liver fibrosis testing is expected to expand due to the new per-use charging model and the introduction of new drugs targeting MASH [2][11].