血糖监测稳定增长，新品拓展取得成果

Investment Rating - The report maintains a "Buy" rating for the company [4][6][27]. Core Insights - The company achieved a revenue of 40.59 billion RMB in 2023, a year-on-year increase of 3%, while the net profit attributable to the parent company was 2.84 billion RMB, a decrease of 36% [23]. - The blood glucose monitoring business showed stable growth, with a revenue of 28.73 billion RMB, up 6% year-on-year, and an overall gross margin of 54.39%, an increase of 1.2 percentage points [23]. - The company has successfully registered its Continuous Glucose Monitoring (CGM) products in seven regions globally, indicating strong potential for future growth [23]. Summary by Sections Financial Performance - Revenue for 2022 was 28.14 billion RMB, with a growth rate of 19.15%, while the projected revenue for 2024 is 49.02 billion RMB, reflecting a growth rate of 20.78% [9]. - The net profit for 2022 was 431 million RMB, with a significant increase of 300.56% compared to the previous year, but a projected decrease of 36.31% in 2023 [9]. - The diluted earnings per share (EPS) for 2024 is expected to be 0.872 RMB, with a projected growth rate of 73.11% [9]. Market Position - The company has a comprehensive domestic distribution network, covering over 3,500 hospitals and more than 220,000 pharmacies, while also expanding its presence in international markets [23]. - The company’s products are registered in 85 countries, showcasing its global reach and potential for recovery in sales [23]. Research and Development - The company invested 3.56 billion RMB in R&D in 2023, accounting for 8.78% of total revenue, indicating a commitment to innovation [23]. - The third-generation direct electronic transfer technology developed by the company has shown industry-leading performance metrics [23].