[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 亚辉龙（688575）公司年报点评 2024 年 04 月 29 日 | --- | --- | |-----------------------------------------------------------|-------------| | 股票数据 | | | 04 [ Table_StockInfo 月 26 日收盘价（元） ] | 24.03 | | 52 周股价波动（元） | 15.31-26.60 | | 总股本 / 流通 A 股（百万股） | 568/268 | | 总市值 / 流通市值（百万元） | 13656/6437 | | 相关研究 | | | [Table_ReportInfo] 《自免龙头异军突起，国内外协同发展》 | | | 2024.03.28 | | 分析师:余文心 24Q1 利润降幅较收入显著收窄，逐渐走 出新冠基数影响 [Table_Summary] 投资要点： 2024 年 Q1，公司自产化学发光仪器新增装机 418 台；其中，国内新增装机 271 台（600 速的 i ...

公 司 研 究 增持 ( | --- | --- | |--------------------|------------| | | | | 日期 | 2024-04-25 | | 收盘价（元） | 23.54 | | 总股本（百万股） | 568.31 | | | | | 流通股本（百万股） | 267.88 | | 净资产（百万元） | 2626.04 | | 总资产（百万元） | 3862.26 | | 每股净资产（元） | 4.62 | ＃分析师： emailAuthor＃ 孙媛媛 sunyuanyuan@xyzq.com.cn S0190515090001 李昶霖 lichanglin@xyzq.com.cn S0190524030005 ＃dyCompany＃ 亚辉龙 （688575.SH） 000009 ＃title＃ 非新冠自产业务快速增长，高速机装机比例显著提升 ＃createTime1＃ 2024 年 04 月 26 日 ⚫ 2023 年非新冠自产业务快速增长，发光高速机装机占比提升明显：2023 年， 公司非新冠业务实现收入 17.11 亿元，同比+36.30%，其中:1）国内非新冠自 ...

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4月21日-25日） 股票简称：亚辉龙 股票代码：688575 £ 特定对象调研 R 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 R 其他：券商策略会 参与单位名称 185家机构共计256人（详见附件与会清单） 时间 2024年4月21日、23日、24日、25日 地点 电话会议、券商策略会 公司接待人员 董事长：胡鹍辉 ...

2024 年 04 月 20 日 公司点评 买入/维持 亚辉龙(688575) 昨收盘:21.01 亚辉龙点评报告：自产发光业务靓丽，高端机型占比提升 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 23/4/1923/7/123/9/12 23/11/2424/2/524/4/18 亚辉龙 沪深300 ◼ 股票数据 总股本/流通(亿股) 5.68/5.68 总市值/流通(亿元) 119.4/119.4 12 个月内最高/最低价 (元) 26.6/15.31 相关研究报告 <<亚辉龙点评报告：自产发光业务收 入超预期快速增长，推出股票激励挑 战更高目标>>--2023-11-05 <<亚辉龙深度报告：另辟蹊径专注自 免领域，异军突起化身发光新锐>>-- 2021-06-20 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 事件：4 月 20 日，公司发布 2023 年年度报告: 全年实现营业收 入 20.53 亿元，同比下降 48.42%，主要为新冠业务营业收入较去年同 期下降 87.46%所 ...

上 市 公 司 证 券 研 究 报 告 2024 年 04 月 23 日 亚辉龙 (688575) | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 22 日 | | 收盘价（元） | 22.49 | | 一年内最高/ 最低（元） | 26.6/15.31 | | 市净率 | 4.9 | | 息率（分红 / 股价） | - | | 流通 A 股市值（百万元） | 6025 | | 上证指数 / 深证成指 | 3044.60/9239.14 | 一年内股价与大盘对比走势： 相关研究 证券分析师 1 非新冠自产业务表现亮眼。2023 年公司非新冠自产业务营收 13.26 亿元（+46.61%）， 其中国内非新冠自产业务营收 11.74 亿元（+47.80%），海外非新冠自产业务营收 1.52 亿元（+38%）；2024Q1，公司非新冠自产业务营业收入 3.42 亿元（+43.33%），其中 国内非新冠自产业务营收 3.03 亿元（+44.10%），海外非新冠自产业务 ...

Investment Rating - The report assigns a "Recommended" rating to the company, indicating a positive outlook for its stock performance relative to the market benchmark [9]. Core Insights - The company is a leading player in the chemiluminescence sector, with a differentiated layout in self-immune and other specialty projects, driving rapid growth in reagent business [9]. - The company achieved significant revenue growth in 2023, with a notable increase in the sales of reagents related to tumor markers and thyroid function, reflecting a strong market demand [37]. - The report forecasts the company's net profit for 2024-2026 to be 481 million, 627 million, and 788 million RMB respectively, with year-on-year growth rates of 35.56%, 30.37%, and 25.65% [9]. Summary by Sections Market Position and Growth - The company has established a strong presence in the overseas market, with overseas revenue reaching 969 million RMB in 2022, indicating a growing competitive edge against foreign manufacturers [1]. - The IVD market is projected to continue expanding, with the global market size reaching 85.6 billion USD in 2021, and China accounting for approximately 15% of this market [22]. Product Development and Innovation - In 2023, the company invested 325 million RMB in R&D, focusing on microfluidics, sequencing, and flow cytometry, which constitutes 38.52% of its total R&D expenditure [26]. - The company launched 16 new testing reagent products in 2023, including 14 chemiluminescence detection projects, enhancing its product portfolio [33]. Financial Performance - The company reported a gross margin of 56.57% in 2023, with a significant increase in the gross margin of its non-COVID self-produced business to 70.00% [37]. - The report anticipates a steady increase in the company's overall profitability driven by the growth in reagent sales and the optimization of its revenue structure [37].

公司仪器整体单产水平相对较低，但公司超高速机逐渐铺开+终端用 户中三级医院占比高+常规项目不断补齐，理论上拥有较高的单产提 升空间。随着公司机型结构的优化以及大量新装机仪器逐渐进入成熟 期，公司单产预计进入上升通道。新冠疫情结束以来，公司自产非新 冠业务营收尤其是常规项目试剂的销售收入不断高增长也持续印证 了这一逻辑。 投资建议： 我们预计公司 2024-2026 年营业收入分别同比增长 8.6%、27.6%、 25.1%；归母净利润分别同比增长 27.3%、36.0%、33.5%，成长性突 出；维持给予买入-A 的投资评级，6 个月目标价 27.84 元，相当于 2024 年 35 倍的动态市盈率。 风险提示： 公司业务拓展不及预期的风险、行业政策变动风险、行业竞争进一步 加剧的风险。 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 2 本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报/亚辉龙 | --- | --- | --- | --- | --- | --- | |--------------|--------|--------|--------|--------|---- ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.91 CNY for 2024, corresponding to a PE of 30 times [1][6][19]. Core Views - The company achieved a revenue of 2.05 billion CNY in 2023, a decrease of 48.4%, and a net profit of 355 million CNY, down 64.9%. The first quarter of 2024 saw a revenue of 431 million CNY, a decline of 34.7% [1][11]. - The company is a leading player in the domestic chemical luminescence market, with high growth potential expected to continue. The EPS forecast for 2024-2026 is 0.83, 1.06, and 1.34 CNY respectively [1][12]. - The report highlights strong performance in self-produced and luminescent businesses, with significant growth in non-COVID related revenue, particularly in the chemical luminescence segment, which saw a 50% increase [5][18]. Summary by Sections Financial Performance - In 2023, the non-COVID related business generated 1.71 billion CNY in revenue, an increase of 36.3%, with the chemical luminescence business contributing 1.168 billion CNY, up 50% [5][12]. - The first quarter of 2024 showed a narrowing decline in profits, with self-produced non-COVID business revenue at 342 million CNY, a year-on-year increase of 43.3% [5][12]. Market Position and Strategy - The company has successfully implemented a strategy of "specialized admission and regular volume," leading to a 50.2% increase in routine diagnostic reagent revenue and a 38.59% increase in autoimmune diagnostic revenue [18]. - The domestic market saw a significant increase in installed capacity, with 488 units of the 600-speed model installed in 2023, representing a growth of 104.18% [18]. Future Outlook - The report projects a revenue growth rate of 8.5% for 2024, followed by 25.6% and 24.5% in 2025 and 2026 respectively [13]. - The company is expected to maintain high growth in its self-produced and luminescent revenue streams, with successful overseas expansion noted [12][18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Views - The report highlights that the company has experienced rapid growth in its conventional business, particularly in the chemiluminescence sector, which has shown impressive performance [4]. - The company reported a total revenue of 2.05 billion yuan in 2023, a decrease of 48.4% year-on-year, with a net profit attributable to the parent company of 355 million yuan, down 64.9% [4]. - The report anticipates that the company's revenue will achieve a compound annual growth rate (CAGR) of 5.7% from 2024 to 2026, with net profit expected to grow at a CAGR of 36.5% during the same period [4]. Financial Performance and Forecast - In 2023, the company achieved a gross profit margin of 56.8%, with a projected increase to 67.3% in 2024 and further to 71.6% by 2026 [10]. - The report forecasts that the company's net profit will reach 900 million yuan by 2026, with earnings per share (EPS) expected to increase to 1.58 yuan [10]. - The company’s operating income is projected to grow from 2.05 billion yuan in 2023 to 3.38 billion yuan in 2026, reflecting a significant recovery and growth trajectory [10]. Business Developments - The company has maintained a strong focus on research and development, with R&D expenditures amounting to 1.25 billion yuan in 2023, representing 38.5% of its total revenue [4]. - The report notes that the company has registered a total of 163 projects, with key projects including high-sensitivity troponin and autoimmune myositis tests, indicating a robust pipeline in the chemiluminescence field [4]. - The company has successfully installed over 1,188 units of its high-speed machines across major hospitals, demonstrating its strong market presence and operational capabilities [4].

Summary of the Conference Call for Aihua Long (亚辉龙) Company Overview - **Company**: Aihua Long (亚辉龙) - **Date of Report**: April 22, 2024 Key Financial Metrics - **Non-COVID Revenue**: 342 million CNY, up 43.33% year-on-year [1] - **Agent Business Revenue**: 8 million CNY, up 1% year-on-year [1] - **COVID-related Revenue**: -470,000 CNY, down 100.14% year-on-year [1] - **Gross Margin**: - Overall gross margin for 2023: 56.57%, up 2.22 percentage points year-on-year [2] - Non-COVID business gross margin: 70%, up 1.23 percentage points year-on-year [2] - Q1 2024 gross margin: 61.77%, up 17.884 percentage points year-on-year [2] - **Net Profit**: - Total net profit for 2023: 355 million CNY, with traditional business profit of 363 million CNY, up 38% year-on-year [5] - Q1 2024 net profit: 66 million CNY, with traditional business profit of 98 million CNY, up approximately 36% year-on-year [6] Business Segments Performance - **Luminescence Business**: - Total revenue for 2023: 1.168 billion CNY, up 50% year-on-year [7] - Domestic luminescence revenue: 1.035 billion CNY, up 51.14% year-on-year [7] - Overseas luminescence revenue: 133 million CNY, up 42% year-on-year [7] - **Testing Projects Revenue**: - Routine testing projects: 436 million CNY, up 48% year-on-year [8] - Respiratory testing projects: 177 million CNY, up 110% year-on-year [10] R&D and Market Expansion - **R&D Investment**: - Total R&D expenses for 2023: 317 million CNY, up 32% year-on-year [3] - Q1 2024 R&D expenses: 84 million CNY, up 40% year-on-year [4] - **Installed Equipment**: - Total installed luminescence machines: 8,709 units as of March 31, 2024, with 418 new installations in Q1 2024 [13] - Domestic installations: 271 units, up 8% year-on-year [13] - **Market Coverage**: - Coverage of over 5,444 medical institutions in China, including over 1,188 tertiary hospitals [15] Strategic Initiatives - **Collaborations**: - Partnerships with leading hospitals for clinical research in reproductive health and diabetes [17][18] - **International Expansion**: - Participation in global conferences and successful entry into 110 countries [56] - Focus on Southeast Asia and developed markets like Japan and Europe for future growth [59] Regulatory and Compliance - **Anti-Corruption Measures**: - Ongoing anti-corruption efforts are seen as beneficial for industry compliance and operational focus [34][35] - **Pricing Strategy**: - New round of pricing negotiations initiated, with expectations of minimal impact on gross margins [50] Future Outlook - **Net Profit Margin Goals**: - Short-term (1-2 years): Targeting a net profit margin of around 25% [72] - Long-term (3-5 years): Aiming for a net profit margin exceeding 30% [72] - **Market Potential**: - The smart diagnosis market is projected to grow significantly, with a potential market size of 80 billion CNY in China [66] Shareholder Returns - **Dividend Distribution**: - Proposed cash dividend of 2.73 CNY per ten shares, totaling approximately 155 million CNY, representing 43.7% of net profit [25][26] Conclusion - Aihua Long has demonstrated strong growth in non-COVID related revenues and continues to invest heavily in R&D and market expansion. The company is strategically positioned to leverage its partnerships and compliance initiatives to enhance its market presence both domestically and internationally.