达安基因近20年首亏

Core Viewpoint - After three years of high growth, the domestic IVD leader, Da An Gene, has experienced a significant decline in performance, with a projected revenue of approximately 853 million yuan in 2024, a year-on-year decrease of 27.27%, and a net loss of about 925 million yuan, marking the first negative net profit in nearly 20 years [2][3]. Financial Performance - In 2024, Da An Gene's revenue is expected to fall below 1 billion yuan, with total operating costs around 1.058 billion yuan, resulting in a total profit of approximately -1.071 billion yuan and a net loss of about 925 million yuan [3][4]. - The company reported a revenue of 12.046 billion yuan in 2022, with a net profit of approximately 5.412 billion yuan, and a non-recurring net profit of about 5.176 billion yuan [3][4]. - In 2023, the company saw a revenue decline of 90.2% and a net profit drop of 98.07%, with a non-recurring net profit decrease exceeding 100% [3]. Business Segments - Da An Gene's main business includes biological products and financial services, with biological product revenue in 2024 expected to decline by 28.57% to approximately 821 million yuan, accounting for 96.2% of total revenue [4]. - The sales of biological products, which include goods and services, saw a revenue drop of 32.06% to about 712 million yuan, while service revenue increased by 7.03% to approximately 99.15 million yuan [4]. Market Demand and Pricing - The decline in performance is attributed to reduced market demand and price adjustments, with significant price reductions for IVD products following several rounds of centralized procurement [5][6]. - The average price drop for 39 IVD products was reported at a median of 76.85%, with some products experiencing price cuts exceeding 90% [6]. Research and Development - Da An Gene has been continuously investing in research and development despite the decline in performance, although R&D expenses have decreased significantly due to staff reductions [8][9]. - R&D expenses fell by 56.96% in 2023 and by 25.36% in 2024, with a total of 3.02 billion yuan and 2.26 billion yuan respectively [8][9]. Workforce Changes - The company has seen a significant reduction in workforce, with total employees decreasing from 3,580 in 2022 to 1,730 in 2024, including a reduction of 979 technical staff [8][9]. - Management salaries have also decreased significantly, with the CEO's compensation dropping from 5.9672 million yuan in 2022 to 675,000 yuan in 2024 [8]. Future Outlook - Da An Gene has not provided specific timelines for market demand recovery but continues to focus on enhancing operational efficiency and product development across various diagnostic technology platforms [10].