Investment Rating - Buy / Maintain [1] Core Views - The company's Q3 performance is under temporary pressure, but its chemiluminescence revenue continues to grow at a high rate [1] - The company's non-COVID self-produced business achieved revenue of 1,142 million yuan, a year-on-year increase of 24.40%, with chemiluminescence business revenue reaching 1,037 million yuan, up 29.15% year-on-year [1] - Overseas chemiluminescence business revenue grew by 45.71% year-on-year, reaching 134 million yuan [1] - The company's gross profit margin increased significantly due to changes in product structure, with the comprehensive gross profit margin rising by 10.32 percentage points to 63.69% [1] Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 1,394 million yuan, a year-on-year decrease of 9.78%, and net profit attributable to the parent company of 219 million yuan, a year-on-year decrease of 23.29% [1] - In Q3 2024, the company's operating revenue was 434 million yuan, a year-on-year decrease of 7.69%, and net profit attributable to the parent company was 46 million yuan, a year-on-year decrease of 68.21% [1] - The company's operating cash flow increased by 164.90% year-on-year to 318 million yuan in the first three quarters of 2024 [1] Instrument Installation and Market Performance - The company installed 1,727 new self-produced chemiluminescence instruments in the first nine months of 2024, with 995 installed domestically and 732 overseas [1] - The company installed 61 new production lines, a year-on-year increase of 74.29% [1] - As of September 30, 2024, the cumulative installation of self-produced chemiluminescence instruments exceeded 9,980 units, with over 150 production lines installed [1] Revenue Breakdown - The company's self-produced chemiluminescence business revenue reached 1,037 million yuan, a year-on-year increase of 29.15% [1] - Revenue from autoimmune diagnostic reagents increased by 31.41% year-on-year, and myocardial marker diagnostic reagents increased by 49.84% year-on-year [1] - Biochemical diagnostic business revenue grew by 37.11% year-on-year [1] Expense Analysis - Sales expenses increased by 6.47% year-on-year to 300 million yuan, with a sales expense ratio of 21.50% [1] - Management expenses increased by 0.37% year-on-year to 126 million yuan, with a management expense ratio of 9.03% [1] - R&D expenses increased by 7.13% year-on-year to 229 million yuan, with an R&D expense ratio of 16.46% [1] - Financial expenses increased to 6 million yuan, with a financial expense ratio of 0.45% [1] Profitability Forecast - The company's revenue is expected to be 2,117 million yuan in 2024, 2,602 million yuan in 2025, and 3,124 million yuan in 2026, with year-on-year growth rates of 3%, 23%, and 20% respectively [2] - Net profit attributable to the parent company is expected to be 376 million yuan in 2024, 509 million yuan in 2025, and 650 million yuan in 2026, with year-on-year growth rates of 6%, 35%, and 28% respectively [2] - The company's PE ratio is 27.24x for 2024, 20.11x for 2025, and 15.76x for 2026 [3] Balance Sheet and Cash Flow - The company's total assets are expected to be 3,929 million yuan in 2024, 4,327 million yuan in 2025, and 4,868 million yuan in 2026 [4] - Operating cash flow is expected to be 729 million yuan in 2024, 680 million yuan in 2025, and 800 million yuan in 2026 [4] - The company's ROE is expected to be 13.40% in 2024, 16.14% in 2025, and 17.83% in 2026 [4]

证券代码：688575 证券简称：亚辉龙 公告编号：2024-069 深圳市亚辉龙生物科技股份有限公司 股票交易严重异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 深圳市亚辉龙生物科技股份有限公司（以下简称"公司"）股票交易连续 30 个交易日内（2024 年 9 月 20 日至 2024 年 11 月 7 日）收盘价格跌幅偏离值累计达到 70% 以上，根据《上海证券交易所科创板股票上市规则》（以下简称《科创板上市规则》） 《上海证券交易所交易规则》《上海证券交易所科创板股票异常交易实时监控细则》的 有关规定，属于股票交易严重异常波动情形。 经公司自查，并发函问询控股股东、实际控制人，截至 2024 年 11 月 7 日，无 应披露而未披露的重大事项。 截至 2024 年 11 月 7 日，公司收盘价为 18.26 元/股。根据中证指数有限公司发 布的数据，截至 2024 年 11 月 7 日，公司最新滚动市盈率为 36.08 倍，公司所处的医药 制造业最近一个月平均滚动市盈率为 27.03 ...

（以下无正文） 关于深圳市亚辉龙生物科技股份有限公司 控股股东、实际控制人：胡鹍辉 股票交易严重异常波动有关事项问询函的回函 2024 年 11 月 7 日 致：深圳市亚辉龙生物科技股份有限公司 本人已收到贵司发来的《关于深圳市亚辉龙生物科技股份有限公司股票交易 严重异常波动有关事项的问询函》，经认真自查，现就有关情况回复如下： 截至本函签署日，作为公司的控股股东及实际控制人，不存在影响上市公司 股票交易严重异常波动的重大事项；不存在应披露而未披露的重大事项，包括但 不限于重大资产重组、股份发行、债务重组、业务重组、资产剥离和资产注入等 重大事项。 本人在股票交易严重异常波动期间不存在买卖公司股票的情况。 ...

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]

证券代码：688575 证券简称：亚辉龙 公告编号：2024-067 深圳市亚辉龙生物科技股份有限公司 关于 2023 年限制性股票激励计划第一个归属期 归属结果暨股份上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 991,500 股。 本次股票上市流通总数为 991,500 股。 本次股票上市流通日期为 2024 年 11 月 7 日。 深圳市亚辉龙生物科技股份有限公司（以下简称"公司"）收到中国证券登记结 算有限责任公司上海分公司于 2024 年 11 月 1 日出具的《证券变更登记证明》，公 司完成了 2023 年限制性股票激励计划（以下简称"本激励计划"）第一个归属期的 股份登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 1、2023 年 9 月 14 日，公司召开第三届董事会第十六次会议，审议通过了《关 于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2023 年 ...

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 ...

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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 | | | --- | --- | |--------------|----------- ...