呼吸道业务表现亮眼，盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company's respiratory business has shown remarkable performance, leading to a continuous improvement in profitability [2][12] - The company has successfully expanded its product offerings and market reach, particularly in respiratory disease testing and HPV testing [12][13] - Financial forecasts indicate a recovery in revenue and profit growth from 2024 onwards, with a projected CAGR of 14.47% over three years [13] Financial Data and Valuation - Revenue for 2023 is reported at 1.007 billion yuan, a decrease of 84.39% year-on-year, while the net profit is 364 million yuan, down 81.22% [11] - The company expects revenues of 1.533 billion yuan in 2024, with a growth rate of 52.22%, and net profit of 294 million yuan, reflecting a decline of 19.30% [3][13] - The company's EBITDA for 2023 is 478 million yuan, with projections of 579 million yuan for 2024 [3] - The gross margin for 2023 is reported at 71.54%, an increase of 12.71 percentage points, driven by the rapid growth of high-margin conventional reagents [16] Product Performance - The revenue from conventional reagents reached 783 million yuan in 2023, a year-on-year increase of 149.33%, primarily due to increased demand for respiratory disease testing [12] - The respiratory product revenue exceeded 400 million yuan, showing a significant year-on-year growth of 680% [12] - The company has successfully won bids for HPV testing products in 25 provinces, with two products ranking first in procurement volume, indicating potential for future revenue growth [12] Future Outlook - The company is expected to achieve revenues of 1.536 billion yuan in 2024, 2.036 billion yuan in 2025, and 2.493 billion yuan in 2026, with respective growth rates of 52.22%, 32.80%, and 22.43% [3][13] - The projected net profit for 2024 is 294 million yuan, followed by 438 million yuan in 2025 and 546 million yuan in 2026, with growth rates of -19.30%, 49.11%, and 24.64% respectively [3][13]