发光业务表现亮眼，盈利能力稳步增强

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.50 yuan, based on a 30x PE for 2024 [2][12]. Core Insights - The company's luminous business has shown remarkable performance, with a revenue increase of 50.04% year-on-year in 2023, contributing significantly to overall revenue despite a decline in COVID-19 testing demand [1][2]. - The company has increased its research and development investment, with a R&D expense ratio of 15.44% in 2023, which is expected to enhance its innovative capabilities [2][11]. - Revenue projections for 2024-2026 are adjusted to 21.82 billion yuan, 28.24 billion yuan, and 35.97 billion yuan, with corresponding year-on-year growth rates of 6.26%, 29.43%, and 27.37% [2][3]. Financial Performance Summary - In 2023, the company achieved a total revenue of 20.53 billion yuan, a decrease of 48.42% year-on-year, while the net profit attributable to shareholders was 3.55 billion yuan, down 64.92% [1][3]. - The gross margin for 2023 was 56.81%, an increase of 2.84 percentage points, driven by the higher proportion of non-COVID related business [2][3]. - The company installed 2,080 new luminous instruments in 2023, marking a 28.96% increase year-on-year, with a total of over 9,240 installations to date [1][2]. Revenue and Profit Forecast - The forecasted net profit for 2024-2026 is 5.02 billion yuan, 6.83 billion yuan, and 9.00 billion yuan, with year-on-year growth rates of 41.39%, 35.99%, and 31.78% respectively [2][3]. - The company’s EBITDA for 2023 was 535 million yuan, with projections of 755 million yuan, 949 million yuan, and 1.17 billion yuan for 2024, 2025, and 2026 respectively [3][7]. Market Position and Competitive Advantage - The company is recognized as a leading domestic player in the luminous sector, with rapid installation of luminous instruments expected to drive reagent volume growth [2][10]. - The report highlights the company's innovative capabilities and its commitment to expanding its testing product menu, with 16 new testing reagent products certified in 2023 [2][11].