Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a revenue of 1.109 billion yuan in 2024, representing a year-over-year increase of 6.27%, while the net profit attributable to the parent company was 255 million yuan, down 2.53% year-over-year. In Q1 2025, the company reported a revenue of 272 million yuan, up 16.63% year-over-year, and a net profit of 90 million yuan, up 40.92% year-over-year [5][11] - The company's international market influence is gradually increasing, with overseas revenue growth exceeding 30% in 2024. Domestic revenue was 849 million yuan (up 0.20% year-over-year), while overseas revenue reached 260 million yuan (up 32.48% year-over-year), benefiting from the strong performance of products like PCR-11 and FGFR2 in international markets [12] - The company has a rich R&D pipeline, with a gross margin of 84.75% and a net margin of 22.98% in 2024. R&D expenses amounted to 216 million yuan, reflecting a year-over-year increase of 6.35%. The HRD product received recognition as an "innovative medical device," and the PCR-11 joint detection was approved for market entry in China, which is expected to further open up the domestic market [13] - The investment recommendation remains "Buy" due to anticipated revenue growth driven by changes in domestic medical policies. Projected revenues for 2025-2027 are 1.295 billion yuan, 1.570 billion yuan, and 1.868 billion yuan, representing year-over-year growth rates of 16.81%, 21.23%, and 18.93%, respectively. Net profits are expected to be 310 million yuan, 381 million yuan, and 456 million yuan, with corresponding growth rates of 21.74%, 22.75%, and 19.67% [14] Financial Data Summary - In 2024, the company reported total revenue of 1.109 billion yuan, with a growth rate of 6.27%. The net profit attributable to the parent company was 255 million yuan, with a decline of 2.53% year-over-year. The projected revenues for 2025, 2026, and 2027 are 1.295 billion yuan, 1.570 billion yuan, and 1.868 billion yuan, with respective growth rates of 16.81%, 21.23%, and 18.93% [15] - The company's gross margin for 2024 was 84.75%, while the net margin was 22.98%. The R&D expense ratio was 19.49%, and the company invested 216 million yuan in R&D, reflecting a year-over-year increase of 6.35% [13][15]

5月13日，艾德生物今日收盘21.03元，上涨2.19%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到29.40倍，总市值82.66亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均50.06倍，行业中值36.80倍，艾德生物排 名第65位。 股东方面，截至2025年3月31日，艾德生物股东户数24012户，较上次增加4447户，户均持股市值35.28 万元，户均持股数量2.76万股。 厦门艾德生物医药科技股份有限公司的主营业务是肿瘤基因检测试剂、软件及配套仪器，并提供检测服 务及药物临床研究服务。公司的主要产品是检测试剂、检测服务、药物临床研究服务。 最新一期业绩显示，2025年一季报，公司实现营业收入2.72亿元，同比16.63%；净利润9047.18万元， 同比40.92%，销售毛利率83.48%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)65艾德生物29.4032.434.3182.66亿行业平均 50.0645.924.67106.84亿行业中值36.8038.232.4947.95亿1天益医疗-1755.47-3006.931.8722.37亿2澳华内 镜 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][25]. Core Views - The company achieved a revenue of 1.11 billion (up 6.3%) and a net profit of 255 million (down 2.5%) in 2024, with a strong performance in international business [1][4]. - The company is a leader in the field of precision oncology diagnostics, with a comprehensive product system for companion diagnostics, and is expected to benefit from the era of precision cancer treatment while expanding its international market [4][25]. Financial Performance Summary - In Q1 2025, the company reported a revenue of 272 million (up 16.6%) and a net profit of 90 million (up 40.92%), indicating strong growth and the beginning of high-quality development and refined management results [1][9]. - The gross margin for 2024 was 84.7% (up 0.8 percentage points), while the net profit margin was 23.0% (down 2.1 percentage points) [3][20]. - The company’s operating cash flow for 2024 was 340 million, maintaining a healthy state with a ratio of net profit to operating cash flow at 134.1% [23]. Business Segment Performance - In 2024, the revenue from testing reagents was 877 million (up 2.0%), while drug clinical research services saw a significant increase of 81.4%, reaching 161 million [2][17]. - The company has established a team of over 70 for international business and business development, forming strategic partnerships with over 100 international distributors [2][17]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted to 317 million, 382 million, and 451 million respectively, with expected growth rates of 24.4%, 20.6%, and 17.9% [4][25]. - The current stock price corresponds to a PE ratio of 26 for 2025, 11 for 2026, and 18 for 2027 [4][25].

Core Viewpoint - The IVD industry is experiencing a significant downturn in revenue and profits, with over 70% of companies reporting a year-on-year decline in revenue and more than half facing losses or drastically reduced profits [2][5]. Revenue and Profit Trends - In Q1 2025, major IVD companies such as Mindray Medical, Dian Diagnostics, and RunDa Medical reported substantial declines in both revenue and net profit, with Mindray's revenue at 8.237 billion yuan (down 12.12%) and net profit at 2.629 billion yuan (down 16.81%) [2][4]. - Among 60 IVD companies analyzed, 16 reported revenue growth, with 8 achieving both revenue and net profit growth [2]. Market Challenges - The IVD sector is facing multiple challenges, including a slowdown in the conventional medical testing market, stricter cost control policies in healthcare, and the impact of centralized procurement policies [5][6]. - The anticipated centralized procurement in 28 provinces is expected to further pressure IVD companies, particularly in the high-volume chemical luminescence market [6]. Company Strategies and Innovations - Some companies are adapting by focusing on niche markets and innovative product offerings, such as New Industry and Sansure Bio, which reported revenue growth of 10.12% and 21.62% respectively in Q1 2025 [9]. - Companies are also exploring international markets, with Mindray's overseas revenue reaching 16.43 billion yuan in 2024, accounting for 44.75% of total revenue [9][10]. Technological Advancements - The IVD industry is witnessing a shift towards digitalization and AI integration, with partnerships like that of BGI and Dian Diagnostics aiming to enhance diagnostic efficiency and precision [10][11]. - The emergence of AI technologies is reshaping the IVD landscape, although challenges remain in data integration and commercialization [11].

证券代码：300685 证券简称：艾德生物 公告编号：2025-030 三、出席人员 出席本次业绩说明会的人员有：公司董事、总经理罗捷敏先生，财务总监、董事 会秘书陈英女士，独立董事沈哲先生。 为进一步加强与投资者的互动交流，厦门艾德生物医药科技股份有限公司（以下 简称"公司"）将召开2024年度业绩说明会暨参加由厦门证监局、厦门上市公司协会 与深圳市全景网络有限公司联合举办的"厦门辖区上市公司2024年年报业绩说明会 暨投资者网上集体接待日活动"，现将相关事项公告如下： 一、召开时间 2025年5月15日（周四）15:40-17:00 二、召开方式 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP,参与本次 互动交流。届时公司高管将在线就公司2024年度业绩、公司治理、发展战略、经营状 况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 厦门艾德生物医药科技股份有限公司 关于举行 2024 年度网上业绩说明会暨参加 厦门辖区上市公司投资者网上集体接待日活动的公告 本公司及董事会全体成员 ...

证券代码：300685 证券简称：艾德生物 公告编号：2025-029 厦门艾德生物医药科技股份有限公司 关于公司持股 5%以上股东减持计划的预披露公告 2、持公司股份20,026,900股（占公司总股本的5.10%）的股东厦门市屹祥投资合伙企业 （有限合伙）计划在本减持计划公告之日起十五个交易日后的三个月内以大宗交易和集中竞 价的方式减持公司股份，减持数量不超过11,791,800股（占公司总股本的3.00%）。 厦门艾德生物医药科技股份有限公司（以下简称"公司"或"艾德生物"） 于近日收到股东厦门市屹祥投资合伙企业（有限合伙）（以下简称"厦门屹祥"） 出具的《减持计划告知函》，现将具体情况公告如下： 一、股东的基本情况 | 股东名称 | 持有公司股份数量（股） | 占总股本比例（%） | | --- | --- | --- | | 厦门市屹祥投资合伙企业 | 20,026,900 | 5.10% | | （有限合伙） | | | 二、减持计划的主要内容 1、减持原因：自身资金需求 持股 5%以上的股东厦门市屹祥投资合伙企业（有限合伙）保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或 ...

5月6日，艾德生物今日收盘21.2元，上涨1.83%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到29.64倍，创20天以来新低，总市值83.33亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均48.90倍，行业中值36.41倍，艾德生物排 名第67位。 截至2025年一季报，共有27家机构持仓艾德生物，其中基金20家、其他6家、社保1家，合计持股数 19704.34万股，持股市值44.14亿元。 厦门艾德生物医药科技股份有限公司的主营业务是肿瘤基因检测试剂、软件及配套仪器，并提供检测服 务及药物临床研究服务。公司的主要产品是检测试剂、检测服务、药物临床研究服务。 最新一期业绩显示，2025年一季报，公司实现营业收入2.72亿元，同比16.63%；净利润9047.18万元， 同比40.92%，销售毛利率83.48%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)67艾德生物29.6432.704.3483.33亿行业平均 48.9047.004.53103.78亿行业中值36.4137.242.4046.92亿1天益医疗-1685.63-2887.291.8021.48 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【杭州银行（600926.SH）】扩表强度高，盈利增速稳——2025年一季报点评 杭州银行25Q1营收、拨备前利润、归母净利润同比增速分别为2.2%、3%、17.3%，利息收入贡献季环比 提升，盈利增速维持高位。2025年是杭州银行"二二五五"战略收官之年，更是新征程的起笔之处，1Q信 贷投放实现"开门红"，资产质量保持稳健，盈利增速在17%以上，基本面韧性较强。 （王一峰/董文欣） 2025-04-29 您可点击今日推送内容的第1条查看 【盈峰环境（000967.SZ）】环卫装备销量连续24年国内第一，环卫电动化推进行业领先——2024年年报 &2025年一季报点评 （洪吉然） 2025-04-29 您可点击今日推送内 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布24年年报及25年一季报，2024年，公司实现总营业收入11.09亿元，同比增长6.27%；利润总额达 到2.90亿元，同比减少1.69%；实现归母净利润2.55亿元，同比减少2.53%。25年一季度，公司实现总营业 收入2.72亿元，同比增长16.63%；利润总额达到1.02亿元，同比增长38.37%；实现归母净利润0.90亿元， 同比增长40.92%。 点评： 核心业绩稳健增长，国际化战略成效显著 2024年公司实现营业收入11.09亿元，同比增长6.27%，延续稳健增长态势；归属于上市公司股东的净利润 2.55亿元，受研发投入增加及费用上升影响，同比微降2.53%，扣非归母净利润2.33亿元，仅同比下降 ...

厦门艾德生物医药科技股份有限公司 简式权益变动报告书 上市公司名称：厦门艾德生物医药科技股份有限公司 四、本次权益变动是根据本报告书所载明的资料进行的。除本信息披露义 务人外，没有委托或者授权其他人提供未在本报告书列载的信息和对本报告书 做出任何解释或者说明。 股票简称：艾德生物 股票代码：300685 股票上市地：深圳证券交易所 信息披露义务人：厦门科英投资合伙企业（有限合伙） 住所或通讯地址：厦门市湖里区枋湖北二路 889 号 618 单元 股份变动性质：股份减少，持股比例降至 5%以下 签署日期：2025 年 4 月 25 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办 法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告 书》及其他相关法律法规和部门规章的有关规定编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》的规定， 本报告书已全面披露信息披露义务人在艾德生物中拥有权益的股份变 ...