公司年报点评：业绩短期承压，新领域布局加速，长期成长可期

Investment Rating - The investment rating for the company is "Outperform the Market" [2][10][11] Core Views - The company reported a revenue of 5.605 billion yuan in 2023, a year-on-year increase of 9.24%, with a net profit of 910 million yuan, up 0.83% year-on-year [6][9] - The company is experiencing short-term pressure on performance but is accelerating its layout in new fields, indicating potential for long-term growth [6][10] - The company is focusing on strategic areas such as semiconductor chips and aviation testing to create a second growth curve [10][11] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 1.523 billion yuan, a year-on-year increase of 0.47%, but the net profit decreased by 29.27% to 169 million yuan [6][9] - For Q1 2024, the company reported a revenue of 1.192 billion yuan, a year-on-year increase of 6.70%, with a net profit of 133 million yuan, down 8.12% year-on-year [6][9] - The gross margin for 2023 was 48.06%, a decrease of 1.34 percentage points year-on-year, while the net margin was 16.54%, down 1.48 percentage points [7][9] Business Segment Performance - The life sciences segment generated revenue of 2.497 billion yuan in 2023, up 8.72% year-on-year, with a gross margin of 47.90% [8][13] - The industrial testing segment saw revenue of 1.091 billion yuan, a year-on-year increase of 20.72%, with a gross margin of 43.56% [8][13] - The consumer products testing segment achieved revenue of 979 million yuan, up 36.72% year-on-year, with a gross margin of 44.77% [8][13] - The pharmaceutical and medical services segment faced a decline, with revenue of 337 million yuan, down 38.85% year-on-year, and a gross margin of 39.02% [8][12] Future Projections - The company is expected to achieve revenues of 6.451 billion yuan in 2024, 7.436 billion yuan in 2025, and 8.556 billion yuan in 2026, with year-on-year growth rates of 15.1%, 15.3%, and 15.1% respectively [10][11] - The projected net profit for 2024 is 1.019 billion yuan, with a year-on-year growth of 12.0% [10][11] - The company anticipates a long-term growth trajectory in the life sciences and industrial testing segments, while the pharmaceutical segment is expected to recover gradually [11][12]