截至目前，公司累计已有 217 个产品获得 IVDR CE 认证。根据欧盟体外诊断医疗 器械法规的规定，本次获得认证的产品已经具备进入欧盟市场的必要条件，对公司在欧 盟地区及认可 CE 认证地区的业务推广将产生积极影响，但产品具体销售情况受到市场 等因素影响，公司尚无法预测上述产品对公司未来业绩的影响，敬请广大投资者理性投 资，注意投资风险。 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"或"亚辉龙"）于近日收 到了由 BSI Group The Netherlands B.V.签发的 IVDR CE 最高风险等级 Class D 认证证 书，具体信息如下： | 序号 | 产品名称 | 证书编号 | 有效期 | 临床用途 | | --- | --- | --- | --- | --- | | | iFalsh-HBeAg | IVDR 781224 | 至 2029/8/28 | 用于定性检测人体血 浆或血清样本中乙型 | | 1 | （乙型肝炎病毒 e 抗原检测试 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of outperformance relative to the market benchmark [3] Core Views - The company's non-COVID business has shown strong performance, with a 31.89% YoY growth in revenue, driven by domestic and overseas non-COVID self-produced products [4] - The company's gross margin has significantly improved to 62.26%, up by 12.93 percentage points YoY, primarily due to the growth in non-COVID self-produced products [4] - The company has launched a new equity incentive plan, introducing profit growth targets with a two-year compound growth rate of 35%, which is expected to enhance employee motivation and corporate competitiveness [5][6] Financial Performance - H1 2024 revenue was 9.60 billion yuan, down 10.69% YoY, mainly due to a significant decline in COVID-related business, while net profit attributable to the parent company increased by 22.25% YoY to 1.73 billion yuan [3] - Q2 2024 revenue grew by 27.41% YoY to 5.29 billion yuan, with net profit attributable to the parent company surging by 77.45% YoY to 1.07 billion yuan [3] - The company's net profit margin increased by 5.64 percentage points YoY to 16.19% [4] Business Highlights - The company's self-produced chemiluminescence business achieved revenue of 7.17 billion yuan, up 48.46% YoY [4] - In H1 2024, the company installed 1,170 new chemiluminescence instruments, bringing the total installed base to 9,430 units, with 39.53% of the installed pipeline systems in top-tier hospitals [5] - The company's self-immunity diagnostic business grew by 37.24% YoY, with chemiluminescence-based self-immunity diagnostic revenue increasing by 46.23% YoY [5] R&D and Innovation - The company invested 155 million yuan in R&D in H1 2024, up 8.79% YoY, with 39.60% of the R&D expenditure allocated to microfluidics, gene sequencing, and other advanced technologies [5] - The company obtained 13 new domestic and international registration certificates for chemiluminescence diagnostic reagents in H1 2024, bringing the total number of registered chemiluminescence diagnostic projects to 176 [6] Market Expansion - The company's products are sold in over 110 countries and regions, with coverage of more than 5,600 domestic terminal medical institutions, including over 1,590 tertiary hospitals and 1,200 top-tier hospitals [4] - Overseas chemiluminescence instrument installations reached 532 units in H1 2024, with a 275% YoY increase in the installation of 300-speed instruments [5] Financial Forecasts - The report forecasts 2024-2026 revenue of 22.68/29.10/36.85 billion yuan, with net profit attributable to the parent company of 4.82/6.54/8.47 billion yuan, and EPS of 0.85/1.15/1.49 yuan [6] - The company's ROE is expected to increase from 16.79% in 2024 to 21.85% in 2026, with a projected PE ratio of 24.19 in 2024, decreasing to 13.77 by 2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 960 million yuan for the first half of 2024, a year-on-year decrease of 10.69%. However, the net profit attributable to shareholders increased by 22.25% to 173 million yuan, and the net profit after deducting non-recurring items rose by 25.85% to 161 million yuan [2][6] - The company's self-owned luminous business continues to grow significantly, with a revenue of 790 million yuan from non-COVID related operations, reflecting a year-on-year increase of 44%. The self-produced luminous revenue reached 717 million yuan, up 48% year-on-year [7] - The company has shown improvements in profitability, with a gross margin of 62.26%, an increase of 12.93 percentage points, and a net margin of 16.19%, up 5.64 percentage points [8] Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 960 million yuan, down 10.69% year-on-year, while the net profit attributable to shareholders was 173 million yuan, up 22.25% [6] - The company expects revenues for 2024-2026 to be 2.182 billion, 2.824 billion, and 3.597 billion yuan, with year-on-year growth rates of 6.26%, 29.43%, and 27.37% respectively [9] - The projected net profit for the same period is 480 million, 650 million, and 850 million yuan, with growth rates of 35.23%, 35.48%, and 30.74% respectively [9] Business Segment Performance - The luminous business maintained high growth, with a significant increase in the installation of luminous instruments, totaling 9,430 units installed to date [7] - The company has effectively reduced costs and improved efficiency, with a notable decrease in sales, management, and R&D expense ratios, leading to a substantial increase in net profit growth in Q2 [8]

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].