东海证券：给予普门科技买入评级

Core Viewpoint - The report highlights the robust growth of Pumen Technology's reagent business and overall stable performance, leading to a "buy" rating for the company [1] Financial Performance - In 2024, the company achieved a revenue of 1.148 billion yuan (YoY +0.20%), with domestic revenue at 759 million yuan (YoY -6.16%) and international revenue at 372 million yuan (YoY +14.87%). The net profit attributable to shareholders was 345 million yuan (YoY +5.12%) [2] - The fourth quarter saw a revenue of 291 million yuan (YoY -13.47%) and a net profit of 88 million yuan (YoY -28.66%). The overall gross margin was 67.21% (YoY +1.40 percentage points) and net margin was 29.87% (+1.29 percentage points) [2] Business Segments - The in vitro diagnostic segment reported a revenue of 911 million yuan (YoY +9.96%) with a gross margin of 69.68% (YoY +5.71 percentage points). Revenue from testing equipment and reagents was 286 million yuan and 652 million yuan, respectively, with changes of -16.36% and +25.73% [3] - The treatment and rehabilitation segment experienced a revenue decline to 220 million yuan (YoY -27.68%) with a gross margin of 65.29% (YoY -2.33 percentage points). Medical and home products generated revenues of 198 million yuan and 22 million yuan, reflecting declines of -31.35% and growth of +36.29% respectively [4] Growth Prospects - The in vitro diagnostic business is expected to maintain good growth due to the release of new products and ongoing technological advancements. The treatment and rehabilitation segment is anticipated to recover as the product lineup improves and marketing efforts intensify [5] Investment Recommendations - The company is projected to achieve net profits of 407 million yuan, 472 million yuan, and 537 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.95, 1.10, and 1.25 yuan. The PE ratios are expected to be 14.41, 12.42, and 10.91 times [5]