公司年报点评：国内常规业务恢复性增长，海外布局持续突破

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant decline in revenue and net profit for 2023, with total revenue of 2.765 billion yuan, down 51.33%, and net profit of 488 million yuan, down 59.26% [5] - The company has achieved strong growth in its conventional business and made breakthroughs in new platforms and projects, including receiving FDA emergency use authorization for its COVID-19, H1N1, and H3N2 test kits [5][6] - The company is expected to maintain steady growth in the coming years, with projected net profits of 655 million yuan, 846 million yuan, and 1.043 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 34.2%, 29.2%, and 23.3% [8] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 2.765 billion yuan, with a year-on-year decline of 51.33%. The net profit was 488 million yuan, down 59.3% [9] - The company’s revenue from infectious disease testing was 952 million yuan, down 75.82%, while chronic disease management revenue increased by 19.11% to 1.119 billion yuan [6][9] - The company’s gross margin improved to 62.6% in 2023, with expectations for further increases in the following years [9] Business Segments - The infectious disease testing segment saw a significant decline, but conventional infectious disease businesses showed recovery and growth [6] - The chronic disease management segment is experiencing a clear recovery trend in the domestic hospital market, with rapid growth in the chemiluminescence platform and expansion in overseas markets [6] - The drug abuse testing segment achieved revenue of 331 million yuan, up 12.68%, while the prenatal and reproductive health testing segment grew by 10.08% to 267 million yuan [6][9] Future Outlook - The company is expected to continue its growth trajectory with the launch of new products and upgrades to existing ones, supported by further channel development [8] - The projected revenue for 2024 is estimated at 3.270 billion yuan, with a year-on-year growth of 18.3% [9] - The company is positioned to benefit from its established advantages in overseas market access and channel development, with products exported to over 150 countries [7]