减值压力逐步释放，ICL业务持续增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on expected performance improvements [3]. Core Insights - The company reported a significant decline in revenue and net profit for 2023, with revenue at 13.408 billion yuan, down 33.9% year-over-year, and net profit at 307 million yuan, down 78.6% year-over-year [2][3]. - The ICL business segment continues to show strong growth, with a revenue increase of 16.73% year-over-year, contributing 4.718 billion yuan to the total revenue [3]. - The company has implemented a strategy to alleviate impairment pressures, which is expected to improve profitability in the coming years [3]. Financial Performance Summary - Revenue: - 2023: 13.408 billion yuan, down 33.9% - 2024E: 14.066 billion yuan, up 4.9% - 2025E: 15.047 billion yuan, up 7.0% - 2026E: 16.225 billion yuan, up 7.8% [2][5] - Net Profit: - 2023: 307 million yuan, down 78.6% - 2024E: 601 million yuan - 2025E: 736 million yuan - 2026E: 952 million yuan [2][5] - Gross Margin: - 2023: 31.3% - 2024E: 29.7% - 2025E: 30.1% - 2026E: 30.6% [2][5] - Return on Equity (ROE): - 2023: 4.1% - 2024E: 7.5% - 2025E: 8.5% - 2026E: 9.9% [2][5] - Earnings Per Share (EPS): - 2023: 0.49 yuan - 2024E: 0.96 yuan - 2025E: 1.17 yuan - 2026E: 1.52 yuan [2][5] Market Position and Strategy - The company has expanded its laboratory network, establishing 43 chain laboratories in China and one in Vietnam, which supports its growth strategy in the medical diagnostics sector [3]. - The report highlights the company's focus on improving operational efficiency and managing costs to enhance profitability amid challenging market conditions [3].