金域医学：2023年常规医检业务同口径增长15%，提升竞争力和发展韧性

Investment Rating - The investment rating for the company is "Buy" [1][4][12] Core Views - The company achieved a revenue of 8.54 billion with a year-on-year decline of 44.82% in 2023, primarily due to reduced demand for COVID-19 testing services. However, the core medical testing business showed a same-caliber growth of 15% [1][5][12] - The company is focusing on enhancing its organizational structure and operational efficiency to improve competitiveness and resilience in a changing market environment [1][12] - The company has maintained a strong cash flow from operating activities, with a net cash flow of 1.23 billion, representing 191% of net profit [11][12] Financial Performance - In 2023, the company reported a net profit of 643 million, down 76.64% year-on-year, with a net profit margin of 4.3%, a decrease of 10.9 percentage points [1][9][14] - The gross profit margin for 2023 was 36.5%, down 6.6 percentage points, with increases in sales, management, and R&D expense ratios [9][10] - The company expects to recover its profitability as operational efficiency measures take effect, with projected net profits for 2024-2026 at 869 million, 1.08 billion, and 1.32 billion, respectively [12][14] Business Segments - The core medical testing revenue reached 7.73 billion in 2023, with a same-caliber growth of 15.35%, driven by significant demand in infectious diseases, neurological disorders, and cancer diagnostics [1][8][12] - The company launched 412 new projects in 2023, contributing to its innovation-driven growth strategy, with notable performance in high-end testing projects [12][14] Market Position - The company is positioned as a leader in the third-party medical testing sector, benefiting from cost advantages and scale effects, while continuously enhancing its market share in line with policy trends [12][14] - The current stock price corresponds to a price-to-earnings ratio of 19, 16, and 13 for the years 2024-2026, indicating a favorable valuation compared to industry peers [12][14]