三大产线稳定增长，产品不断推陈出新

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 403.00 CNY, based on a current price of 311.60 CNY [6][4]. Core Insights - The company achieved a revenue of 34.932 billion CNY in 2023, representing a year-on-year increase of 15.04%. The net profit attributable to shareholders was 11.582 billion CNY, up 20.56% year-on-year [1][4]. - The company continues to experience stable growth across its three main product lines, driven by both domestic and international markets [2][3]. - The gross margin improved to 66.16%, an increase of 2.01 percentage points, while the net margin rose to 33.15%, up 1.50 percentage points [3]. Financial Performance Summary - In 2023, the company reported a total revenue of 34.932 billion CNY, with domestic revenue at 21.382 billion CNY (up 14.54%) and international revenue at 13.550 billion CNY (up 15.83%) [2]. - The company’s revenue is projected to grow to 42.005 billion CNY in 2024, with a compound annual growth rate (CAGR) of 20.29% expected over the next three years [4][5]. - Research and development expenses reached 3.780 billion CNY in 2023, accounting for 10.82% of total revenue, reflecting the company's commitment to innovation [3]. Product Line Performance - The life information and support business generated 15.252 billion CNY in revenue, growing by 13.81% year-on-year. The in-vitro diagnostics segment saw revenue of 12.421 billion CNY, up 21.12%, while the medical imaging business reported 7.034 billion CNY, an increase of 8.82% [2]. - New product launches, including the 4K three-dimensional electronic endoscope system and the ultra-high-end ultrasound platform Resona A20, are expected to enhance the company's market position [3]. Valuation Metrics - The report forecasts earnings per share (EPS) to increase from 9.55 CNY in 2023 to 11.51 CNY in 2024, with a projected price-to-earnings (P/E) ratio of 35 for 2024 [4][5]. - The company’s estimated market capitalization is approximately 377.8 billion CNY, with a price-to-book (P/B) ratio of 10.6 [7].