股权激励增强信心，24-25归母净利润指引35%

Investment Rating - Investment Rating: Buy (Maintain) [16] Core Views - The company has launched a new round of equity incentives, granting 175,000 restricted shares, which accounts for 0.31% of the total share capital of 568.31 million shares [16] - The equity incentive plan includes performance targets for non-COVID revenue, self-produced chemiluminescence revenue, and net profit, with a CAGR target of 35% for 2024-2025 [16] - The company is positioned as a leading domestic IVD enterprise in chemiluminescence, with a focus on innovation and expansion into overseas markets [16] Financial Performance and Forecast - Revenue for 2024 is projected to be 2,171 million, with a year-on-year growth of 5.7%, and for 2025, it is expected to reach 2,736 million, reflecting a growth of 26.0% [2][12] - Net profit attributable to the parent company is forecasted to be 485 million in 2024, growing by 36.5%, and 660 million in 2025, with a growth of 36.2% [2][12] - Gross margin is expected to improve from 56.8% in 2023 to 67.3% in 2024 and further to 70.0% in 2025 [2][12] - The company aims to achieve a net profit of 900 million by 2026, maintaining a growth trajectory [12] Key Financial Ratios - The company’s return on equity (ROE) is projected to increase from 13.9% in 2023 to 15.9% in 2024 and reach 19.5% by 2026 [2][12] - Earnings per share (EPS) is expected to rise from 0.63 in 2024 to 1.58 in 2026 [2][12] - The price-to-earnings (P/E) ratio is forecasted to decrease from 36.30 in 2024 to 15.15 in 2026, indicating potential value appreciation [2][12]