业绩短期承压，2024年有望恢复增长

Investment Rating - The report assigns a "Hold" rating for the company, indicating that the stock price is expected to fluctuate within ±5% of the benchmark [6]. Core Views - The company experienced a revenue decline of 24.06% year-on-year in 2023, with total revenue of 463 million yuan and a net profit attributable to the parent company of 35 million yuan, down 60.34% year-on-year [16]. - The revenue growth is under pressure due to inventory digestion and intensified competition, particularly in liquid handling products, which saw a 34% decline in revenue [16]. - Despite the challenges, the company is expected to gradually recover revenue growth as it expands domestic and international markets and optimizes sales strategies [16]. - The company invested 28.51 million yuan in R&D in 2023, focusing on new products in cell therapy and biomedicine, which is expected to enhance its competitive advantage [16]. - Profitability is projected to improve as the company optimizes operations and strengthens cost control, with net profit margins expected to recover in the coming years [16]. Financial Summary - The company forecasts revenues of 558 million yuan, 674 million yuan, and 815 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20.5%, 20.7%, and 21.0% [16]. - The net profit attributable to the parent company is expected to reach 60 million yuan, 78 million yuan, and 100 million yuan for the same years, reflecting growth rates of 72.8%, 29.2%, and 29.2% [16]. - The company's gross margin is projected to improve from 30.6% in 2023 to 34.4% by 2026 [16]. - The report indicates that the company's P/E ratio is expected to decrease from 51.16 in 2023 to 17.75 by 2026, suggesting a more attractive valuation over time [16].