拱东医疗：2023年年报暨2024年一季报点评：2023年业绩短期承压，国际化步伐加速

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [38]. Core Views - The company experienced a significant decline in revenue and net profit in 2023, with total revenue of 9.75 billion and a net profit of 1.09 billion, representing decreases of 33.61% and 66.53% respectively. However, there are signs of recovery in early 2024, with a year-on-year revenue increase of 20.22% in Q1 [38][40]. - The company is accelerating its internationalization efforts, with overseas revenue growing by 21.56% in 2023, while domestic revenue saw a decline of 58.46% [38][21]. - The report highlights the company's robust quality management system, which has been certified by TUV and includes multiple product registrations and certifications, ensuring product reliability and market access [22][38]. Financial Summary - The company forecasts revenue growth for the next three years, with expected revenues of 14.00 billion, 16.13 billion, and 18.50 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 43.6%, 15.2%, and 14.7% [35][38]. - The projected net profit for the same period is 2.50 billion, 3.03 billion, and 3.52 billion, with year-on-year growth rates of 129.3%, 21.1%, and 16.0% [38][35]. - The report indicates a decrease in gross margin to 32.65% in 2023, down 6.85 percentage points, but anticipates recovery as the company expands its international market presence [38][40]. Business Segmentation - The company has restructured its business segments, with notable performance in the blood collection segment, which reported a revenue of 2.86 billion in 2023, a 5.8% increase, and a gross margin of 44.59% [38][21]. - The medical testing segment faced a significant decline, with revenue dropping to 3.47 billion, a decrease of 53.92%, but is expected to recover with a projected growth of 55.0% in 2024 [38][27]. - The medical care segment showed resilience, with a revenue increase of 34.39% to 0.59 billion in 2023, and is projected to continue growing in the coming years [38][11].