Investment Rating - The report maintains a "Buy" rating for the company with a target price of 43.92 CNY, based on a 36x PE valuation for 2024 [4][3]. Core Insights - The company's revenue for 2023 reached 544 million CNY, a year-on-year increase of 14.59%, while the net profit attributable to the parent company was 154 million CNY, a decrease of 24.61%. The revenue from COVID-related products significantly declined by 49.54% to 45 million CNY, while the conventional business revenue grew by 29.46% to 499 million CNY [2][3]. - The company is focusing on expanding its international market presence, with overseas conventional business revenue increasing by 37.08% to 330 million CNY, accounting for 66.11% of total revenue. The Americas, Europe, and Asia-Pacific regions showed significant growth rates of 22.78%, 69.51%, and 33.35%, respectively [2][3]. - The company is increasing its sales and R&D investments, with sales expenses and R&D expenses rising by 49.19% and 9.72% year-on-year to 168 million CNY and 125 million CNY, respectively. This reflects the company's commitment to enhancing its market competitiveness and meeting diverse customer needs [2][3]. Financial Summary - For 2023, the company reported total revenue of 544 million CNY, with a year-on-year growth rate of 14.6%. The operating profit was 161 million CNY, reflecting a decline of 25.6% year-on-year. The net profit attributable to the parent company was 154 million CNY, down 24.6% year-on-year. The earnings per share for 2023 were 1.28 CNY [25][3]. - The company forecasts revenue growth to 652 million CNY in 2024, with an expected operating profit of 156 million CNY and a net profit of 147 million CNY. The earnings per share are projected to be 1.22 CNY [25][3].
百普赛斯23年年报&24年一季报点评：常规业务维持高增长，海外市场表现亮眼