各位学生大家下午好欢迎各位参加由华安证券医药团队举办的嘉惠伦交流会我是华安证券医药首席唐克超今天跟我一起的还有我同事强芬我们很荣幸请到嘉惠伦的领导包括公司的刘亦齐营销的CEO于总公司集团的负责人叶总以及公司总益王总一起来跟各位沟通和交流 当然说也还有新元社会公司包括前段时间我们也关注到公司公众号公司在海外拓展的进展也非常快在苏海这一块其实我原来觉得市场应该花这么多的精力去关注所以我们也是在目前这个点建议各位更多的关注因为这个时间肯定会新来于 那么我们也可以就是借这样的一个机会那么也是请到我的两位同事啊那包括我们的这个国内营销的负责人于修平于总以及我们整个集采的负责人叶小慧叶总两位来跟大家做一个分享啊做一个分享那首先呢我还是想把这个时间交给大家最关心的议题也是请我们的叶小慧叶总来为大家简单的汇报和解读一下本次集采的一个情况哈叶总好的 总标的话,我们的项目是50.1,假公司是55,跟整个行业的投资企业都是保持基本一致的。从爆量的大情况来看,我们以自免项目为特色,虽然提供不完,我们强规项目虽然提供不完,但是从爆量的情况来看,我们推动强规项目的政策很有效,我们迅速地进入了第一次队。 好的好的好的感谢叶总啊那那个要不然 ...

深圳市亚辉龙生物科技股份有限公司 投资者关系活动记录表 （2024 年 11 月 6 日-15 日） 股票简称：亚辉龙 股票代码：688575 | --- | --- | --- | |--------------|------------------------------|----------------------------------------------------| | | £ 特定对象调研 | £ 分析师会议 | | 投资者关系活 | £ 媒体采访 | £ 业绩说明会 | | 动类别 | £ 新闻发布会 | R 路演活动 | | | R 现场参观 | £ 其他： | | 参与单位名称 | 共 26 家机构合计 | 27 人（详见附件与会清单） | | 时间 | 2024 年 11 月 6 日 | -15 日共 14 场次 | | 地点 | 北京、上海、深圳 | | | | 董事会秘书：王鸣阳 | | | 公司接待人员 | 董办主任：周江海 | | | 姓名 | 证代：邵亚楠 | | | 投资者关系活 | 一、参观公司展厅 | | | 动主要内容介 | | 二、除前期已披露的内容外，本次无新增 ...

公 司 研 究 2024 年 11 月 07 日 公司点评 买入 /维持 亚辉龙(688575) 昨收盘:17.96 亚辉龙点评报告：Q3 业绩阶段性承压，发光收入仍保持高增长 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Outperform rating with a target price range of 21.23-23.42 RMB, implying a 15.9-27.9% upside from the current price [1][3] Core Views - The company is a leading domestic brand in chemiluminescence, with a complete product portfolio covering high, medium, and low-end models and intelligent assembly lines [1] - The chemiluminescence business is the core growth driver, with revenue growing from 140 million RMB in 2018 to 1.17 billion RMB in 2023, a CAGR of over 50% [1] - The company has a strong presence in key areas such as autoimmune diseases, reproductive health, diabetes, infectious diseases, liver diseases, and cardiovascular diseases [1] - The company's strategy of "specialized entry, routine expansion" has been effective, with routine diagnostic reagent revenue growing 50.20% YoY in 2023 and 52.48% YoY in H1 2024 [1] - The company is expanding internationally, with overseas non-COVID business revenue growing rapidly, driven by partnerships such as with Japan's MBL [1] Industry Overview - The global in-vitro diagnostics (IVD) market is expected to reach 106.5 billion USD in 2023, with a CAGR of 3.8% from 2023-2028 [21] - The Chinese IVD market is expected to reach 120 billion RMB in 2023, with immunodiagnostics being the largest segment at 37.5 billion RMB, growing 13% YoY [21][23] - Chemiluminescence is the mainstream advanced technology in immunodiagnostics due to its high sensitivity, wide linear range, and rapid clinical application [23] - The domestic autoimmune diagnostics market is estimated at 1.5-2 billion RMB, with significant growth potential as autoimmune diseases become more recognized and treated [1][27] Company Performance and Strategy - The company's revenue grew from 722 million RMB in 2018 to 1.676 billion RMB in 2023, with a CAGR of 18.3% [17] - Non-COVID self-produced business revenue grew from 246 million RMB in 2018 to 1.326 billion RMB in 2023, a CAGR of 40.1% [17] - The company has a comprehensive product menu with 176 chemiluminescence diagnostic items, leading the industry in autoimmune diagnostics with 60 items [33] - The company has achieved wide coverage in high-grade hospitals, with over 35% of its total installations in Tier 3 and above hospitals [35] - The company is expanding its product line with new technologies such as multi-detection and microfluidics, and aims to increase self-produced raw material rate to over 80% in the next 3-5 years [38] Financial Projections - Revenue is projected to be 2.044 billion RMB in 2024, 2.502 billion RMB in 2025, and 3.078 billion RMB in 2026, with YoY growth rates of -0.5%, 22.4%, and 23.1% respectively [1] - Net profit is projected to be 381 million RMB in 2024, 513 million RMB in 2025, and 667 million RMB in 2026, with YoY growth rates of 7.4%, 34.5%, and 30.0% respectively [1] - EPS is projected to be 0.67 RMB in 2024, 0.90 RMB in 2025, and 1.17 RMB in 2026, with a current PE ratio of 27x, 20x, and 16x respectively [1]

管理层想先帮大家分享一下三级报的这个业务的一些重点拆分以及前三个季度的整个的经营情况谢谢好的那么各位投资者朋友们大家晚上好我是杨浦伦总统市长胡春辉首先呢感谢博言证券等12家麦坊朋友帮我们组织本次的研讨会 也有种感谢大家在百忙之中能够勃勒参加那么在过去的三到四年我们要和我们的全体小伙伴努力重新奋勇向前在资产和发光赛道持续不断地超越自我交出了一张张靓丽的成绩单但是成长不是没有代价 这里面也包括我们业务快速发展过程中积累的渠道库存升高等问题也有公司的内部治理和成本控制是否能够适应公司发展节奏的问题作为一个锐意奋进的集体亚活龙的风格就是尽早发现问题然后解决问题无论是渠道去库存还是 大力推进降本增效我们的选择不是逃避是面对尽管这样会承受业绩的震动但我们相信没有一般寒澀骨哪得梅花扑鼻虾同时我们新奇的看到我们的发光设备和流水线装机进入既往的快速增长 助理心机性格肝病等特殊情态的在研项目和产学员工作也在深入展开我们坚信清光专政的我们有信心也有能力继续扛住化学发光增速最快的这面大旗那么接下来请公司董事会秘书王明阳为大家介绍一下公司2024年前三季度的业绩情况 好的董事长那么尊敬的各位同志大家好啊那接下来我为大家这个简单的汇报一 ...

华福证券 包 研 亚辉龙（688575.SH） 发光业务维持高增，装机顺利持续优化夯实长期 发展 投资要点： 事件：公司发布 2024 年三季度报告。 24Q1-3 公司营业收入 13.9 亿元（同比-9.8%，下同），归母净利润 2.19 亿元（-23.3%），扣非 2.08 亿元（+19.0%） 24Q3：收入 4.3 亿元（-7.7%），归母净利润 0.46 亿元（-68.2%）。 发光业务延续高增，海外增速表现亮眼 行业多因素扰动下发光业务延续亮眼高增表现。2024Q1-3 公司自 产非新冠业务营收 11.4 亿元（+24.4%），其中自产发光营收 10.4 亿元， 同比+29.2%，海外发光收入 1.35 亿元，同比+45.7%。 装机进展顺利结构持续优化，夯实海内外长期高增发展 24Q1-3 化学发光仪器新增装机 1,727 台：国内新增 995 台，其中 600 速机占比 46.43%。流水线新增装机 61 条，同比增长 74.29%，累 计装机超 150 条，三甲医院覆盖率达 68.8%。 海外实现装机同比增长 53.46%，其中 300 速机器新增 61 台，同 比+48.8%。公司海外拓展 ...

[Table_StockNameRptType] 亚辉龙（688575） | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|----------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

深圳市亚辉龙生物科技股份有限公司 投资者关系活动记录表 （2024 年 10 月 30 日） 股票简称：亚辉龙 股票代码：688575 | --- | --- | --- | |--------------|-------------------------------|------------------------------| | | £ 特定对象调研 | £ 分析师会议 | | 投资者关系活 | £ 媒体采访 | R 业绩说明会 | | 动类别 | £ 新闻发布会 | £ 路演活动 | | | £ 现场参观 | £ 其他： | | 参与单位名称 | 共 116 家机构合计 | 143 人（详见附件与会清单） | | 时间 | 2024 年 10 月 30 日 | | | 地点 | 线上会议 | | | 公司接待人员 | 董事长：胡鹍辉 | | | 姓名 | 董事/财务总监：廖立生 | | | | 营销总部副总经理/国内营销轮值 | CEO ：于秋萍 | | | 董事会秘书：王鸣阳 | | | | 学术总监：王茗 | | | --- | --- | |--------------|----------- ...

Financial Performance - Revenue for the third quarter was RMB 433.83 million, a decrease of 7.69% year-over-year[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 45.61 million, a decrease of 68.21% year-over-year[2] - Basic earnings per share for the third quarter were RMB 0.08, a decrease of 68.00% year-over-year[2] - Diluted earnings per share for the third quarter were RMB 0.08, a decrease of 68.00% year-over-year[3] - Weighted average return on equity for the third quarter was 1.74%, a decrease of 4.25 percentage points year-over-year[3] - Revenue for the first 9 months of 2024 was 13.94 billion yuan, a decrease of 9.78% year-on-year, with net profit attributable to shareholders of 2.19 billion yuan, down 23.29% year-on-year[12] - Total revenue for the first three quarters of 2024 was 1.39 billion RMB, a decrease from 1.54 billion RMB in the same period of 2023[21] - Net profit attributable to the parent company for the first three quarters of 2024 was 1.42 billion RMB, compared to 1.36 billion RMB in 2023[19] - Net profit attributable to parent company shareholders was RMB 218.64 million, compared to RMB 285.02 million in the same period last year[22] - Basic earnings per share were RMB 0.38, down from RMB 0.50 in the same period last year[23] - Total comprehensive income was RMB 190.30 million, compared to RMB 242.53 million in the same period last year[23] R&D and Investments - R&D investment for the third quarter was RMB 75.53 million, accounting for 17.41% of revenue, an increase of 0.59 percentage points year-over-year[3] - R&D expenses increased to 229.49 million RMB in the first three quarters of 2024, up from 214.21 million RMB in 2023[21] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 4.09 billion, an increase of 7.40% compared to the end of the previous year[3] - Equity attributable to shareholders of the listed company as of the end of the third quarter was RMB 2.65 billion, an increase of 3.60% compared to the end of the previous year[3] - Total assets as of September 30, 2024, were 4.09 billion RMB, compared to 3.81 billion RMB at the end of 2023[18] - Total liabilities as of September 30, 2024, were 1.49 billion RMB, up from 1.27 billion RMB at the end of 2023[19] - Long-term loans increased to 538.04 million RMB as of September 30, 2024, from 381.89 million RMB at the end of 2023[19] Cash Flow and Liquidity - Cash and cash equivalents decreased to 399.33 million RMB as of September 30, 2024, from 490.59 million RMB at the end of 2023[17] - Accounts receivable increased to 402.52 million RMB as of September 30, 2024, from 397.49 million RMB at the end of 2023[17] - Inventory increased to 665.22 million RMB as of September 30, 2024, from 634.50 million RMB at the end of 2023[17] - Cash received from sales of goods and services was RMB 1.55 billion, up from RMB 1.33 billion in the same period last year[24] - Net cash flow from operating activities was RMB 317.92 million, compared to a negative RMB 489.86 million in the same period last year[25] - Net cash flow from financing activities was RMB 118.97 million, down from RMB 158.63 million in the same period last year[26] - The ending balance of cash and cash equivalents was RMB 396.96 million, down from RMB 472.95 million at the end of the same period last year[26] Non-Recurring Items and Impairments - Non-recurring gains and losses for the third quarter amounted to a net loss of RMB 757,682.99[5] - The decrease in net profit was mainly due to a reduction in non-recurring gains and losses compared to the same period last year[7] - Fair value change loss was RMB 14.95 million, compared to a loss of RMB 26.50 million in the same period last year[22] - Credit impairment loss was RMB 3.96 million, compared to a loss of RMB 3.69 million in the same period last year[22] - Asset impairment loss was RMB 7.79 million, compared to a loss of RMB 35.02 million in the same period last year[22] Business Segments and Market Performance - Non-COVID-19 business revenue reached 11.42 billion yuan, a year-on-year increase of 24.40%, with in-house chemiluminescence business revenue at 10.37 billion yuan, up 29.15% year-on-year[14] - Overseas chemiluminescence business revenue grew by 45.71% to 1.34 billion yuan, with international in-house chemiluminescence reagent revenue increasing by 60.24%[14] - Domestic in-house chemiluminescence reagent revenue rose by 30.23%, and total in-house chemiluminescence reagent revenue increased by 29.66% year-on-year[14] - Cumulative installations of in-house chemiluminescence instruments exceeded 9,980 units, with over 150 automated production lines installed by September 30, 2024[13] - Overseas installations of chemiluminescence instruments grew by 53.46%, with 732 units installed, including 61 units of the 300-speed model, up 48.78% year-on-year[13] - The company's products are used in 74 of the top 100 hospitals in China, according to the 2022 China Hospital Rankings[13] Corporate Developments and Achievements - The second industrial park, Qide Building, officially opened on September 10, 2024, marking a new phase of development for the company[15] - The Cairo Training and Service Center was established on September 22, 2024, enhancing the company's local service system in overseas markets[16] - The iTLA MAX solution won the 2024 MUSE Design Award Gold Prize, recognizing its design and functionality[16] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 1.18 billion RMB, down from 1.34 billion RMB in 2023[21]

深圳市亚辉龙生物科技股份有限公司 投资者关系活动记录表 （2024 年 9 月 10 日-20 日） 股票简称：亚辉龙 股票代码：688575 | --- | --- | --- | |--------------|------------------------------|--------------------------------------------------| | | £ 特定对象调研 | £ 分析师会议 | | 投资者关系活 | £ 媒体采访 | £ 业绩说明会 | | 动类别 | £ 新闻发布会 | R 路演活动 | | | R 现场参观 | £ 其他： | | 参与单位名称 | 共 47 家机构共计 | 63 人（详见附件与会清单） | | 时间 | 2024 年 9 月 10 日 | -20 日共 12 场 | | 地点 | 深圳、上海、北京 | | | | 董事长：胡鹍辉 | | | 公司接待人员 | 董事会秘书：王鸣阳 | | | 姓名 | 董办主任：周江海 | | | | 证代：邵亚楠 | | | 投资者关系活 | | 除前期已披露的内容外，本次无新增主要互动交流内容 | 动主 ...