2023年业绩符合预期，三大业务稳健增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance in 2023 met expectations, with steady growth across its three main business lines. The total revenue for 2023 reached 34.93 billion yuan, a year-on-year increase of 15%, while the net profit attributable to shareholders was 11.58 billion yuan, growing by 20.6% [2][3] - In Q1 2024, the company reported revenue of 9.37 billion yuan, up 12.1% year-on-year, and a net profit of 3.16 billion yuan, reflecting a 22.9% increase [2][3] Summary by Relevant Sections Financial Performance - In 2023, the company achieved quarterly revenues of 8.36 billion, 10.11 billion, 8.83 billion, and 7.63 billion yuan for Q1, Q2, Q3, and Q4 respectively, with year-on-year growth rates of 20.5%, 20.2%, 11.2%, and 7.9% [2] - The net profit for each quarter was 2.57 billion, 3.87 billion, 3.39 billion, and 1.75 billion yuan, with year-on-year growth rates of 22.1%, 21.6%, 20.5%, and 16.2% [2] Business Segments - The three main business lines showed robust growth: 1. Life Information and Support: Revenue of 15.23 billion yuan in 2023, up 13.8% year-on-year, driven by the recovery of routine medical activities and an increase in high-end international clients [2] 2. In Vitro Diagnostics: Revenue of 12.42 billion yuan, a 21.1% increase, with reagent revenue growing over 25% [2] 3. Medical Imaging: Revenue of 7.03 billion yuan, an 8.8% increase, although growth was impacted by delays in procurement activities in public hospitals [2] Research and Development - The company increased its R&D investment to 3.779 billion yuan in 2023, an 18.43% increase, with a total of 4,945 authorized patents by the end of Q1 2024 [3][7] Future Outlook - Revenue forecasts for 2024-2026 are projected at 42.78 billion, 50.97 billion, and 60.75 billion yuan, with year-on-year growth rates of 22.5%, 19.1%, and 19.2% respectively [8] - Net profit forecasts for the same period are 13.97 billion, 16.80 billion, and 20.28 billion yuan, with corresponding growth rates of 20.6%, 20.3%, and 20.7% [8]