高分红、强投入，公司稳健前行

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved robust growth in 2023 with revenue of RMB 34.932 billion (up 15.04% YoY) and net profit attributable to shareholders of RMB 11.582 billion (up 20.56% YoY) [4] - In Q1 2024, revenue reached RMB 9.373 billion (up 12.06% YoY) and net profit attributable to shareholders was RMB 3.160 billion (up 22.90% YoY) [4] - The company has a strong dividend policy, with a total dividend payout of RMB 7.032 billion in 2023, representing a payout ratio of 60.7% [4] - The company has not conducted any refinancing since its IPO in 2018 and has consistently paid dividends for six consecutive years, with cumulative dividends reaching nearly RMB 24.8 billion (including RMB 2 billion in share repurchases), four times the IPO fundraising amount of RMB 5.934 billion [4] Business Segment Performance - Life Information and Support products generated revenue of RMB 15.252 billion (up 13.81% YoY) with a gross margin of 66.78% [4] - In-Vitro Diagnostic products achieved revenue of RMB 12.421 billion (up 21.12% YoY) with a gross margin of 64.30% [4] - Medical Imaging products recorded revenue of RMB 7.034 billion (up 8.82% YoY) with a gross margin of 69.10% [4] Future Growth Drivers - The company plans to increase R&D investment in minimally invasive surgery, cardiovascular, and animal healthcare sectors [4] - It is actively exploring new areas such as molecular diagnostics, clinical mass spectrometry, and surgical robotics, leveraging both internal and external R&D capabilities [4] Financial Projections - EPS for 2024-2026 is projected to be RMB 11.55, RMB 13.97, and RMB 16.73, respectively, with net profit growth rates of 20.9%, 20.9%, and 19.8% [4] - The company is valued at 25-30x PE for 2024, with a fair value range of RMB 288.75-346.50 per share [4] Market Performance - The stock price closed at RMB 303.63 on May 9, with a 52-week range of RMB 253.48-325.00 [1] - The company's total market capitalization is RMB 368.134 billion, with a free float of 1.212 billion shares [1] Financial Data and Forecasts - Revenue for 2024-2026 is projected to be RMB 41.901 billion, RMB 50.624 billion, and RMB 60.014 billion, respectively, with YoY growth rates of 20.0%, 20.8%, and 18.5% [5] - Net profit for 2024-2026 is forecasted to be RMB 14.004 billion, RMB 16.937 billion, and RMB 20.290 billion, respectively, with YoY growth rates of 20.9%, 20.9%, and 19.8% [5] - Gross margin is expected to remain stable at around 66% over the forecast period [5] Segment Revenue Breakdown - Life Information and Support products are projected to generate revenue of RMB 17.08 billion, RMB 19.94 billion, and RMB 22.98 billion in 2024-2026 [7] - In-Vitro Diagnostic products are expected to achieve revenue of RMB 15.56 billion, RMB 19.05 billion, and RMB 22.96 billion in 2024-2026 [7] - Medical Imaging products are forecasted to generate revenue of RMB 8.57 billion, RMB 10.27 billion, and RMB 12.30 billion in 2024-2026 [7]