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 ...

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the performance and strategic direction of a company in the chemical luminescence diagnostics industry, specifically focusing on its recent quarterly results and future outlook. Key Points and Arguments Financial Performance - For the first three quarters of 2024, the company reported total revenue of **1.394 billion** (13.94亿), a year-on-year decline of **9.78%** [2] - Non-COVID related revenue was **1.142 billion** (11.42亿), showing a growth of **24.4%** year-on-year [2] - The company’s gross margin for the first three quarters was **63.36%**, an increase of **10 percentage points** from the previous year [3] - The revenue from the chemical luminescence business was **1.037 billion** (10.37亿), a year-on-year increase of **29.15%** [4] Business Segments - Domestic non-COVID related revenue was **993 million** (9.93亿), up **22%** year-on-year, while international revenue was **149 million** (1.49亿), up **41.34%** [2] - The company’s sales expenses increased by **6.47%**, while management expenses remained stable with a growth of **0.37%** [4] - R&D expenses were **229 million** (2.29亿), maintaining a rate of **16%** of total revenue [4] Market Dynamics - The company is facing inventory challenges due to rapid growth and is actively working on inventory reduction strategies [1][10] - The inventory turnover period is currently around **4.8 months**, with a target to normalize to **2-3 months** [11] - The company is committed to cost reduction and efficiency improvements, particularly in raw material sourcing [10][14] Future Outlook - The company aims for its chemical luminescence business to grow at a rate of **30%** over the next three to five years [15][17] - The company is expanding its market presence internationally, particularly in regions like the Middle East and South Asia [18] - The introduction of new products and enhancements in service delivery are expected to drive future growth [24] Strategic Initiatives - The company has signed partnerships for laboratory automation systems to enhance operational efficiency [6] - A new training service center in Cairo has been established to support local service capabilities [7] - The company is focusing on increasing its market share in the self-testing diagnostics segment, which is projected to grow significantly [35][36] Regulatory Environment - The upcoming implementation of centralized procurement policies is expected to impact pricing and market dynamics, but the company views this as an opportunity for growth in market share [26][28] - The company is preparing for the second round of centralized procurement, which may lead to increased competition but also greater opportunities for domestic products [26] Challenges and Risks - The company acknowledges the impact of DRGs (Diagnosis-Related Groups) on testing volumes, which may affect revenue in the short term [30][32] - There is a recognition of the need to adapt to changing market conditions and regulatory frameworks to maintain competitive advantage [32][40] Additional Important Content - The company has achieved significant milestones in product development and market penetration, including the launch of new diagnostic solutions and enhancements in existing product lines [39] - The focus on academic collaborations and partnerships is seen as a key strategy for driving innovation and expanding market reach [7][18] This summary encapsulates the essential insights from the conference call, highlighting the company's financial performance, strategic initiatives, market dynamics, and future outlook within the chemical luminescence diagnostics industry.

Investment Rating - The investment rating for the company is "Buy" [4][8] Core Views - The company reported a revenue of 1.39 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.8%, with a net profit attributable to shareholders of 219 million yuan, down 23.3% [1] - The company's self-produced non-COVID business revenue reached 1.14 billion yuan, showing a growth of 24.4%, with self-produced luminescence revenue at 1.04 billion yuan, up 29.2%, and overseas luminescence revenue at 135 million yuan, increasing by 45.7% [1] - The company added 1,727 units of chemical luminescence instruments in Q1-3 2024, with domestic installations accounting for 995 units, of which 600-speed machines made up 46.43% [1] - The overall gross margin for Q3 2024 was 66.84%, showing significant improvement compared to previous quarters [1] Financial Data and Valuation - The company is projected to have an EPS of 0.73, 0.93, and 1.19 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 25, 19, and 15 [2][3] - Revenue for 2024 is estimated at 2.22 billion yuan, with a growth rate of 8%, followed by 2.79 billion yuan in 2025 and 3.42 billion yuan in 2026, reflecting growth rates of 26% and 23% respectively [3] - The net profit for 2024 is expected to be 418 million yuan, with a growth rate of 18%, increasing to 531 million yuan in 2025 and 679 million yuan in 2026, with growth rates of 27% and 28% respectively [3]

[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 | | | --- | --- | |--------------|----------- ...

二零二四年十月 | | | 深圳市亚辉龙生物科技股份有限公司 章 程 第一章 总则 第一条 为维护深圳市亚辉龙生物科技股份有限公司（以下简称"公司"）、 公司的股东和债权人的合法权益，规范公司的组织和行为，根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司章程指引》、《上 海证券交易所科创板股票上市规则》和其他有关法律、行政法规、 部门规章、交易所的制度以及其他规范性文件（以下简称"法律法 规"）的规定，制订《深圳市亚辉龙生物科技股份有限公司章程》 （以下简称"本章程"）。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司为深圳市亚辉龙生物科技有限公司经整体变更以发起方式设立 的股份有限公司，深圳市亚辉龙生物科技有限公司的全体股东为公 司的发起人； 公司在深圳市市场监督管理局注册登记，取得营业执照，统一社会 信用代码为 91440300680376756U。 第三条 公司经上海证券交易所（以下简称"上交所"）审核，并于 2021 年 3 月 9 日经中国证券监督管理委员会（以下简称"中国证监会"）作 出同意注册决定，首 ...

证券代码：688575 证券简称：亚辉龙 公告编号：2024-065 深圳市亚辉龙生物科技股份有限公司 第三届董事会第二十七次会议决议公告 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。 深圳市亚辉龙生物科技股份有限公司（以下简称"公司"）第三届董事会第二十七 次会议（以下简称"本次会议"）于 2024 年 10 月 28 日以现场加通讯方式召开，会议 应到董事 7 人，实到董事 7 人，出席董事占应出席人数的 100%。本次会议的召集、 召开程序符合《公司章程》和有关法律、法规的要求。经与会董事审议和表决，会议 形成如下决议： 表决结果：7 票同意；0 票反对；0 票弃权。 本议案已经审计委员会审议通过，并同意提交董事会审议。 二、审议通过《关于变更注册资本暨修订<公司章程>的议案》 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）上披露的《深圳市 亚辉龙生物科技股份有限公司关于变更注册资本暨修订<公司章程>的公告》（公告编 号：2024-066） 表决结果：7 票同意；0 票反对；0 票弃权。 根据 ...

证券代码：688575 证券简称：亚辉龙 公告编号：2024-066 深圳市亚辉龙生物科技股份有限公司 关于变更注册资本暨修订《公司章程》的公告 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。 深圳市亚辉龙生物科技股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召 开第三届董事会第二十七次会议，审议通过了《关于变更注册资本暨修订<公司章程> 的议案》。具体情况如下： 修订后的《公司章程》全文将于同日披露于上海证券交易所网站(www.sse.com.cn)。 特此公告。 深圳市亚辉龙生物科技股份有限公司 董事会 公司因 2022 年限制性股票激励计划首次授予部分第二个归属期及预留授予部分第 二个归属期归属，新增股份 967,400 股，已于 2024 年 5 月 23 日在中国证券登记结算有 限责任公司上海分公司办理完毕新增股份的登记手续，公司总股本由 568,308,500 股增 加至 569,275,900 股，注册资本由 56,830.85 万元增加至 56,927.59 万元。具体内容详见 公司于 ...

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]