Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][11]. Core Insights - The company reported a significant decline in revenue for 2023, with total revenue of 2.05 billion yuan, down 48.42% year-on-year, primarily due to a 87.46% drop in COVID-related business [3][4]. - However, the non-COVID self-owned business showed strong growth, with revenues of 1.33 billion yuan in 2023, representing a 47% increase year-on-year [5]. - The company has seen a substantial increase in the installation of its chemical luminescence instruments, with 2,080 units installed in 2023, and a growing proportion of high-end models [6]. Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 355 million yuan, a decrease of 64.93% year-on-year, with a net profit margin of 17.29% [3][11]. - For Q1 2024, the company reported a revenue of 431 million yuan, down 34.65% year-on-year, but the decline in profit is narrowing [4][11]. Business Segments - The self-owned chemical luminescence business generated revenues of 1.17 billion yuan in 2023, up 50% year-on-year, with domestic sales growing by 51% [5][6]. - The company has invested significantly in R&D, with expenditures of 325 million yuan in 2023, a 30.04% increase, focusing on various testing reagents [10]. Market Position - The company has increased its market share in the high-end segment, with the iFlash3000G model accounting for 35% of new installations in 2023 [6]. - The overall gross margin for the main business reached 56.57% in 2023, an increase of 2.92 percentage points year-on-year [7][9]. Future Projections - Revenue forecasts for 2024-2026 are 2.22 billion yuan, 2.75 billion yuan, and 3.38 billion yuan, with expected growth rates of 8%, 24%, and 23% respectively [11][18]. - The projected net profit for 2024 is 465 million yuan, reflecting a 31% increase year-on-year [11][18].

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.

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.50 yuan, based on a 30x PE for 2024 [2][12]. Core Insights - The company's luminous business has shown remarkable performance, with a revenue increase of 50.04% year-on-year in 2023, contributing significantly to overall revenue despite a decline in COVID-19 testing demand [1][2]. - The company has increased its research and development investment, with a R&D expense ratio of 15.44% in 2023, which is expected to enhance its innovative capabilities [2][11]. - Revenue projections for 2024-2026 are adjusted to 21.82 billion yuan, 28.24 billion yuan, and 35.97 billion yuan, with corresponding year-on-year growth rates of 6.26%, 29.43%, and 27.37% [2][3]. Financial Performance Summary - In 2023, the company achieved a total revenue of 20.53 billion yuan, a decrease of 48.42% year-on-year, while the net profit attributable to shareholders was 3.55 billion yuan, down 64.92% [1][3]. - The gross margin for 2023 was 56.81%, an increase of 2.84 percentage points, driven by the higher proportion of non-COVID related business [2][3]. - The company installed 2,080 new luminous instruments in 2023, marking a 28.96% increase year-on-year, with a total of over 9,240 installations to date [1][2]. Revenue and Profit Forecast - The forecasted net profit for 2024-2026 is 5.02 billion yuan, 6.83 billion yuan, and 9.00 billion yuan, with year-on-year growth rates of 41.39%, 35.99%, and 31.78% respectively [2][3]. - The company’s EBITDA for 2023 was 535 million yuan, with projections of 755 million yuan, 949 million yuan, and 1.17 billion yuan for 2024, 2025, and 2026 respectively [3][7]. Market Position and Competitive Advantage - The company is recognized as a leading domestic player in the luminous sector, with rapid installation of luminous instruments expected to drive reagent volume growth [2][10]. - The report highlights the company's innovative capabilities and its commitment to expanding its testing product menu, with 16 new testing reagent products certified in 2023 [2][11].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for stock price appreciation relative to the benchmark [1]. Core Insights - The company achieved a revenue of 2.053 billion yuan in 2023, a year-over-year decline of 48%, primarily due to the significant drop in COVID-related revenue. However, excluding COVID-related revenue, the non-COVID business saw a 36% year-over-year increase, reaching 1.711 billion yuan [1]. - The self-produced chemiluminescence business showed remarkable growth, with revenue increasing by 50% to 1.168 billion yuan in 2023. The company's strategy of "specialized hospital entry and regular volume increase" has proven effective, as evidenced by the addition of 2,080 new installations, a 29% increase year-over-year [1]. - The international expansion continues, with the company covering over 110 countries and regions. In 2023, the company added four overseas service points and strengthened its collaboration with MBL for the Japanese market [1]. Financial Summary - The company forecasts revenues of 2.232 billion yuan, 2.901 billion yuan, and 3.707 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 8.7%, 30.0%, and 27.8% [1]. - The projected net profits for the same years are 456 million yuan, 621 million yuan, and 856 million yuan, reflecting year-over-year growth rates of 28.4%, 36.2%, and 37.9% [1]. - The report indicates that the company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 26, 19, and 14 times, respectively [1].

证券代码：688575 证券简称：亚辉龙 公告编号：2024-018 深圳市亚辉龙生物科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公告 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、准确性和完整性承担个别及连带责任。 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 4 月 18 日召开第三届董事会第二十一次会议、第三届监事会第二十次会议，审议通过了《关 于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司使用不超过人民币 8,000 万元（含本数）的部分暂时闲置募集资金进行现金管理，用于投资安全性高、 流动性好、低风险或保本型的理财产品或存款类产品（包括但不限于协定性存款、 结构性存款、定期存款、大额存单、通知存款等）。投资产品不得用于质押，产品 专用结算账户（如适用）不得存放非募集资金或用作其他用途。使用期限自公司董 事会审议通过之日起不超过 12 个月。在上述额度及有效期内，资金可以循环滚动使 用，上述额度是指现金管理单日最高余额不超过人民币 8,000 万元（含本数）。同时 提请授权公司管理层办理暂时闲置募 ...