证券研究报告 相关研究 医药生物 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 林海霖 S1350524050002 linhailin@huayuanstock.com 市场表现： -40% -20% 0% 20% 40% 60% 亚辉龙 沪深300 | --- | --- | |-----------------------------------|-------------| | | | | 收盘价（元） | 20.54 | | 一 年 内 最 高 / 最 低 （元） | 26.26/15.12 | | 总市值（亿元） | 117 | 公司点评 2024 年 09 月 04 日 亚辉龙 (688575.SH) 买入（维持） —— 发光核心业务高速增长，盈利水平稳步向上 投资要点： ➢ 事件：公司发布 2024 年中报，上半年实现营收 9.60 亿元（yoy-10.69%，下同），实现归母净 利润 1.73 亿元（yoy+22.25%），实现扣非归母净利润 1.61 亿元（yoy+25.85%）。2024 年 Q2 实现营业收入 5.29 亿元（yo ...

华福证券 亚辉龙（688575.SH） 发光业务持续高增，提质增效利润表现亮眼 投资要点： 事件：公司发布 2024 年半年度报告。 24H1 公司营业收入 9.6 亿元（同比-10.7%，下同），归母净利润 1.73 亿元（+22.3%），扣非 1.6 亿元（+25.9%）。 24Q2：收入 5.3 亿元（+27.4%），归母净利润 1.07 亿元（+77.5%）， 扣非 1.04 亿元（+132%）。 发光业务延续高增，常规/自免业务齐放量 2024H1 公司非新冠业务营收 9.6 亿元（+31.9%）。其中国内非新 冠自产 6.9 亿元，+42.7%，海外非新冠自产 1.0 亿元，+52.3%。自产 发光营收 7.2 亿元，同比+48.5%。单 Q2 非新冠营收同比+31.9%，自产 发光+48.9%。从项目来看，24H1 术前八项、肿瘤标志物、甲状腺功能 等常规项目营收同比+52.5%，化学发光法自免诊断项目同比+46.2%。 装机进展顺利结构持续优化，海外高速拓展 24H1 化学发光仪器新增装机 1,170 台：国内新增 638 台，其中 600 速机 301 台（占比 47.2%），高端机型带动客 ...

医药生物 证 券 研 究 报 告 2024 年 09 月 02 日 亚辉龙 (688575) —— 化学发光装机加速，自产业务放量提升盈利能力 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 20.11 | | 一年内最高/最低（元） | 26.60/16.80 | | 市净率 | 4.4 | | 息率（分红 / 股价） | 1.36 | | 流通 A 股市值（百万元） | 11,448 | | 上证指数/深证成指 | 2,811.04/8,172.21 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : | 年 06 月 30 日 | | | | | 每股净资产（元） | 4.56 | | 资产负债率 % | 36.83 | | 总股本 ...

[Table_StockNameRptType] 亚辉龙（688575） 公司点评 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of 25.45 CNY, compared to the current stock price of 20.36 CNY as of August 30, 2024 [10][12]. Core Insights - The company reported a significant growth in its chemiluminescence business, with a revenue increase of 48.5% year-on-year, contributing to a total revenue of 9.60 billion CNY, despite an overall decline of 10.7% [3][6]. - The gross profit margin improved to 61.9%, up 12.6 percentage points year-on-year, indicating effective cost management and operational efficiency [4][11]. - The company achieved a net profit of 1.73 billion CNY, reflecting a year-on-year increase of 22.3%, with a notable improvement in net profit margin to 18.0% [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company generated a total revenue of 9.60 billion CNY, with non-COVID related business revenue at 7.90 billion CNY, marking a 43.9% increase [3]. - The second quarter alone saw a revenue of 5.29 billion CNY, representing a 27.4% increase, with non-COVID business revenue growing by 31.86% [7]. - The company’s net profit for Q2 was 1.07 billion CNY, a substantial increase of 77.5% year-on-year [7]. Business Segments - The chemiluminescence segment continued its rapid growth, with key products like routine projects and self-immune luminescent reagents showing sales increases of 52.48% and 46.23% respectively [6]. - The domestic market for non-COVID self-produced business grew by 42.7%, with significant installations in major hospitals [6][10]. Market Expansion - The company is focusing on enhancing its overseas market presence, with a 52.3% year-on-year growth in non-COVID self-produced business and the establishment of new service points in Southeast Asia and Cairo [10][11]. - The introduction of the iTLAMax production line, capable of processing 1200 sample tubes per hour, is expected to enhance the company's capabilities in serving large hospitals and support domestic substitution [6][10]. Future Outlook - The report forecasts revenue growth of 12.6%, 27.7%, and 23.3% for 2024, 2025, and 2026 respectively, with net profit growth projected at 35.8%, 34.3%, and 30.0% for the same years [12].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported a revenue of 960 million yuan in H1 2024, a decrease of 10.69%, while the net profit attributable to shareholders increased by 22.25% to 173 million yuan [1]. - The non-COVID business segment showed strong growth, with revenue reaching 960 million yuan, up 31.89%, and the domestic non-COVID self-operated business revenue increased by 42.69% to 688 million yuan, accounting for 71.63% of total revenue [1]. - The company’s self-produced chemiluminescence business achieved a revenue of 717 million yuan, growing by 48.46%, and the gross margin for the main business improved significantly to 61.94%, up 12.58 percentage points [1]. - The company installed 1,170 chemiluminescence instruments in H1 2024, with a total of 9,430 units installed by June 2024, indicating strong progress in both domestic and international markets [1][2]. Financial Performance Summary - For H1 2024, the company reported a net profit of 173 million yuan, with a significant increase in Q2 net profit by 77.45% to 107 million yuan [1]. - The company’s operating cash flow for H1 2024 was 141 million yuan, reflecting a robust operational performance [1]. - The projected net profit for 2024-2026 is expected to grow to 482 million yuan, 651 million yuan, and 853 million yuan respectively, with corresponding EPS of 0.85, 1.14, and 1.50 yuan [6][7].

Revenue Growth - The company reported a significant increase in revenue for the first half of 2024, with a total revenue of 500 million RMB, representing a 25% year-over-year growth[1]. - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a 15% increase compared to the same period last year[9]. - The company expects a revenue guidance of RMB 2.5 billion for the full year 2024, indicating a projected growth of 10%[9]. - The company reported a significant increase in revenue for the first half of 2024, achieving a total of 1.2 billion RMB, representing a 15% year-over-year growth[96]. - The company expects a revenue guidance of $500 million for the next quarter, representing a 10% increase year-over-year[94]. - New product launches are expected to contribute an additional 100 million RMB in revenue by the end of 2024[1]. - New product launches are anticipated to contribute an additional $50 million in revenue by the end of Q3 2024[94]. - New product launches are expected to contribute an additional 300 million RMB in revenue by the end of 2024[97]. User Growth - User data indicates that the active user base has expanded to 1.2 million, a 15% increase compared to the previous period[1]. - User data showed a growth of 20% in active users, reaching 5 million by the end of June 2024[9]. - User data showed a growth of 15% in active users, reaching a total of 1.5 million users[94]. Market Expansion - Market expansion efforts include entering three new international markets, projected to increase overall market share by 10%[1]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[9]. - Market expansion plans include entering three new countries by the end of 2024, targeting a 30% increase in market share[94]. - Market expansion plans include entering two new international markets by Q3 2024, aiming for a 5% market share in each[97]. Research and Development - The company is investing 50 million RMB in R&D for new technologies aimed at enhancing diagnostic accuracy[1]. - Research and development expenses increased by 18%, focusing on new diagnostic technologies[9]. - The company is investing heavily in R&D, with a budget increase of 25% to enhance technology development and innovation[96]. - R&D investment amounted to 155.41 million yuan, an increase of 8.79% year-on-year, with 39.60% of this investment focused on microfluidics, gene sequencing, and related technologies[49]. - The company has 703 R&D personnel, an increase from 609 in the previous year, with R&D staff now accounting for 39.58% of the total workforce[42]. Financial Position - The company has maintained a strong cash position, with cash reserves amounting to 300 million RMB, ensuring liquidity for future investments[1]. - The company reported a net profit margin of 12% for the first half of 2024, up from 10% in the previous year[9]. - The company's total assets reached ¥4,040,538,974.27, reflecting a growth of 6.16% from ¥3,806,083,365.13 at the end of the previous year[16]. - The net cash flow from operating activities improved significantly to ¥140,632,406.99, compared to a negative cash flow of ¥545,492,966.93 in the previous year[16]. - The company reported a significant decrease in capitalized R&D investment, which fell by 78.93% to ¥1,143,503.50, indicating a shift in R&D funding strategy[38]. Strategic Acquisitions - The company is considering strategic acquisitions to bolster its product portfolio, with a budget of 200 million RMB allocated for potential deals[1]. - The company completed the acquisition of a local competitor, enhancing its product portfolio and market reach[9]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 500 million RMB allocated for potential deals[96]. Risk Management - The management has identified key risks, including regulatory changes that could impact operations, but does not foresee any substantial risks affecting production[1]. - The company faces risks related to new product development, including potential delays and misalignment in product positioning, which could impact market competitiveness[55]. - The company faces risks related to the management of distributors, which may affect product sales if not properly managed[56]. - The company is exposed to risks from price declines in in vitro diagnostic reagents due to stricter pricing regulations and increased competition[57]. Environmental Commitment - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO[89]. - The company has implemented carbon reduction measures, achieving a reduction of 88 tons of CO2 equivalent emissions[85]. - The installation of 500 square meters of photovoltaic panels on the dormitory roof is expected to reduce electricity consumption by approximately 75,000 kWh annually[85]. - The company has established a series of environmental management processes to ensure compliance with environmental standards[84]. Corporate Governance - No significant changes in corporate governance or related party transactions were reported during this period[1]. - The company has committed to avoiding direct or indirect investments in businesses that compete with its own, ensuring no similar business operations exist[100]. - The company will adhere to fair and reasonable principles for any unavoidable related transactions, following relevant laws and internal governance procedures[100]. Shareholder Value - The management emphasized a commitment to shareholder value, with plans for a dividend increase of 5% in the next fiscal year[94]. - The company will regularly disclose shareholding changes as required by regulations during the period of holding shares[90]. - The company will implement a profit distribution policy to strengthen investor return mechanisms[103].

证券代码：688575 证券简称：亚辉龙 公告编号：2024-054 深圳市亚辉龙生物科技股份有限公司 关于向银行申请抵押贷款的进展公告 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。 一、公司向银行申请抵押贷款基本情况 深圳市亚辉龙生物科技股份有限公司（以下简称"公司"）于 2021 年 8 月 26 日召 开第二届董事会第十九次会议，审议通过了《关于向银行申请抵押贷款的议案》。为满 足公司宝龙二期产业园项目（现名：启德大厦项目）建设需要，改善公司现金流状况、 降低经营风险、促进公司经营发展，公司拟以部分自有资产作为抵押，向商业银行申请 不超过人民币 6 亿元贷款，最终贷款金额、贷款期限、贷款利率等以银行审批为准，并 授权公司董事长及/或其授权代表在上述贷款金额及贷款期限内与相关银行签署贷款协 议、担保协议及其他相关文件（包括该等文件的修正及补充）并办理相关手续，授权期 限至前述事项办理完毕为止。 二、公司向银行申请抵押贷款进展 公司以位于深圳市龙岗区宝龙街道的部分土地使用权（粤（2021）深圳市不动产权 第 00622 ...

证券代码：688575 证券简称：亚辉龙 公告编号：2024-053 监事会 本公司监事会及全体监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。 2024 年 7 月 27 日 深圳市亚辉龙生物科技股份有限公司（以下简称"公司"）第三届监事会第二十 三次会议（以下简称"本次会议"）于 2024 年 7 月 26 日以现场方式召开，会议应 到监事 3 人，实到监事 3 人，出席监事占应出席人数的 100%。本次会议的召集、召 开程序符合《深圳市亚辉龙生物科技股份有限公司章程》（以下简称"《公司章程》"） 和有关法律、法规的要求。经与会监事审议和表决，会议形成如下决议： 一、审议通过《关于增加日常关联交易预计额度及预计日常关联交易的议案》 表决结果：3 票同意；0 票反对；0 票弃权。 具体内容详见公司于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增加日常关联交易预计额度及预计日常 关联交易的公告》。 深圳市亚辉龙生物科技股份有限公司 深圳市亚辉龙生物科技股份有限公司 第三届监事会第二十 ...

中信证券股份有限公司 关于深圳市亚辉龙生物科技股份有限公司 增加日常关联交易预计额度及预计日常关联交易的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为深圳市亚辉龙生物 科技股份有限公司（以下简称"亚辉龙"或"公司"）首次公开发行股票并在科创板上市的保 荐机构，根据《首次公开发行股票注册管理办法》、《证券发行上市保荐业务管理办法》、 《上海证券交易所科创板股票上市规则》等有关法律法规和规范性文件的要求，对亚辉 龙增加日常关联交易预计额度及预计日常关联交易事项进行了专项核查，核查情况及 核查意见如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 深圳市亚辉龙生物科技股份有限公司（以下简称"公司"或"亚辉龙"）于 2024 年 7 月 26 日召开了第三届董事会第二十四次会议、第三届监事会第二十三次会议，审议通过 了《关于增加日常关联交易预计额度及预计日常关联交易的议案》，同意公司增加与关 联方卓润生物日常关联交易额度 800 万元，期限为 2023 年 10 月 1 日至 2024 年 9 月 30 日。同时，根据目前日常关联交易预计及执行情况，董事会同意自 2024 年 ...