创新产品驱动增长，降本增效有望改善盈利能力

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue from routine medical testing reached 7.726 billion yuan in 2023, with a year-on-year growth of 15.35%. The proportion of revenue from tertiary hospitals increased significantly to 43.13%, up by 4.73 percentage points [6][7] - The company aims to improve profitability through cost reduction and efficiency enhancement, with a net profit margin of 7.46% in 2023, down by 10.91 percentage points year-on-year. The company reduced its workforce by 2,825 employees, a decrease of 19.60% year-on-year, which is expected to positively impact profitability in 2024 [6][7] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 8.540 billion yuan, a decrease of 44.82% year-on-year. The net profit attributable to shareholders was 643 million yuan, down 76.64% year-on-year. The operating cash flow was 1.231 billion yuan, down 36.81% year-on-year [5][8] - For Q1 2024, the company reported a revenue of 1.841 billion yuan, a year-on-year decrease of 13.05%, with a net profit of -19 million yuan [5][8] Revenue Breakdown - The company developed 412 new projects in 2023, contributing 6.38 billion yuan to total revenue, accounting for 7.47% of total revenue. Notable growth was seen in various diagnostic areas, including a 398.97% increase in revenue from infection tNGS series and a 525.35% increase in single-gene carrier screening [6][7] Profitability Outlook - The company is expected to improve its profitability in 2024 due to the gradual weakening of impairment losses and cost pressures from past expansions. The forecasted EPS for 2024-2026 is 1.80, 2.33, and 3.03 yuan, respectively, with corresponding P/E ratios of 22.0, 17.0, and 13.1 times [8][9]