厚积薄发，呼吸道检测POCT多联检优势凸显

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights significant revenue and profit growth, with a core revenue increase of 205% in 2023. The company achieved total revenue of 478 million yuan in 2023, a year-on-year increase of 7.03%, and a net profit attributable to shareholders of 174 million yuan, up 15.44% [2][10] - In Q1 2024, the company reported revenue of 282 million yuan, a remarkable increase of 109.36%, and a net profit of 146 million yuan, reflecting a growth of 171.44%. The core revenue, excluding COVID-19 related income, grew by 266% year-on-year [2][10] - The company’s products are positioned to meet the increasing demand for rapid and multiplex testing for respiratory pathogens, which is becoming essential in clinical practice [2][10] Financial Summary - For 2023, the company reported total revenue of 478 million yuan, with non-COVID core revenue of 416 million yuan, showing a year-on-year growth of 205.49%. The net profit margin for Q1 2024 increased to 51.77% as the impact of COVID-19 business gradually diminished [2][5] - The forecast for 2024-2026 indicates expected revenues of 802 million yuan, 1.136 billion yuan, and 1.529 billion yuan, representing year-on-year growth rates of 67.8%, 41.7%, and 34.6% respectively. The net profit is projected to reach 396 million yuan, 569 million yuan, and 759 million yuan during the same period, with corresponding growth rates of 127.6%, 43.8%, and 33.2% [5][6] - The gross margin is expected to improve from 76.0% in 2023 to 88.3% in 2024, while the return on equity (ROE) is projected to rise from 9.4% to 17.6% in the same timeframe [5][6] Market Position and Product Offering - The company specializes in rapid and multiplex testing for respiratory pathogens, with its products being rare in the domestic market. The testing capabilities cover 15 types of respiratory pathogens, fulfilling clinical testing needs [2][10] - The clinical guidelines emphasize the importance of precise screening for respiratory pathogens to ensure correct medication, which aligns with the company's product offerings [2][10]