国内设施布局完成，海外收入高速增长

Investment Rating - The investment rating for the company is "Buy" [16] Core Insights - The company has completed its domestic facility layout, with a total production capacity of approximately 280,000 cages, representing a year-on-year increase of about 40% compared to the end of 2022 [3] - The company achieved revenue of 0.93 billion yuan from overseas markets in 2023, a year-on-year growth of 39.94%, and has established a sales team covering North America, Asia-Pacific, and Europe [3] - The company maintained high R&D investment in 2023, with R&D expenses of 0.97 billion yuan, accounting for 15.53% of revenue, and has launched 17 new wild-type mouse strains and nearly 300 new drug screening mouse strains [3] Financial Performance - In 2023, the company reported revenue of 622 million yuan, a year-on-year increase of 20.45%, and a net profit attributable to the parent company of 159 million yuan, a year-on-year decrease of 3.49% [14] - The projected revenues for 2024, 2025, and 2026 are 770 million yuan, 934 million yuan, and 1.117 billion yuan, respectively, with year-on-year growth rates of 23.8%, 21.3%, and 19.6% [3][18] - The net profit attributable to the parent company for the same years is projected to be 196 million yuan, 241 million yuan, and 289 million yuan, with year-on-year growth rates of 23.4%, 22.8%, and 20.2% [3][18]