DIAN DIAGNOSTICS(300244) 太平洋·2024-05-10 03:00Investment Rating - The report maintains a "Buy" rating for the company, citing its "product + service" dual-drive strategy and significant resource advantages [9] Core Views - The company's ICL business achieved a 17% year-over-year growth in 2023, with the proportion of revenue from tertiary hospitals reaching a new high [3] - The company's diagnostic service business achieved a revenue of 5.187 billion yuan in 2023, an 11.91% year-over-year increase, with ICL revenue reaching 4.718 billion yuan, a 16.73% increase [19] - The company's IVD product business achieved a revenue of 8.686 billion yuan in 2023, with channel product revenue growing by 5.32% to 8.283 billion yuan, and self-developed product revenue reaching 403 million yuan [20] - The company's profitability declined in 2023, with a 5.87 percentage point decrease in gross margin to 31.29%, and a 4.85 percentage point decrease in net profit margin to 4.34% [20] - The company's accounts receivable decreased by 1.902 billion yuan in 2023, and operating cash flow increased by 17.20% to 1.921 billion yuan [5][7] - The company's revenue in Q1 2024 was 2.973 billion yuan, a year-over-year decrease of 8.01%, with ICL revenue growing by 10.41% to 1.071 billion yuan [7] Business Performance - The company's new testing projects in 2023 reached 1,023, with special inspection revenue reaching 2.049 billion yuan, accounting for 39.50% of traditional diagnostic revenue [2] - The company's infectious disease projects grew by 142% year-over-year, neuroimmunology projects grew by 102%, and hematology projects grew by 69% [2] - The company added 238 new tertiary hospital customers in 2023, with tertiary hospital revenue accounting for 32.8% of total revenue [2] - The company added 46 new共建 laboratories in 2023, bringing the total to nearly 700, with business revenue growing by 26% [4] - The company added 27 new precision centers in 2023, bringing the total to 70, with 31 achieving profitability and business revenue growing by 34% [4] Financial Projections - The company's revenue is expected to grow to 14.543 billion yuan in 2024, 16.092 billion yuan in 2025, and 17.832 billion yuan in 2026, with year-over-year growth rates of 8.47%, 10.65%, and 10.82% respectively [10] - The company's net profit attributable to the parent company is expected to grow to 610 million yuan in 2024, 843 million yuan in 2025, and 1.015 billion yuan in 2026, with year-over-year growth rates of 98.29%, 38.29%, and 20.36% respectively [10] - The company's diluted EPS is expected to be 0.97 yuan in 2024, 1.34 yuan in 2025, and 1.62 yuan in 2026 [10] - The company's PE ratio is expected to be 15.57 in 2024, 11.26 in 2025, and 9.35 in 2026 [10] Industry Outlook - The diagnostic industry still has significant growth potential, and the company's dual-drive strategy of "product + service" is expected to continue to generate significant resource advantages [9]