Lepu Medical(SZ:300003) Xin Lang Cai Jing·2025-04-23 00:35Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, driven by growth in innovative medical devices and improvements in the pharmaceutical sector [1][2]. Financial Performance - In 2024, the company achieved revenue of 6.103 billion yuan, a year-over-year decrease of 23.52%, and a net profit of 247 million yuan, down 80.37% [1]. - For Q4 2024, revenue was 1.318 billion yuan, a decrease of 23.41% year-over-year, with a net loss of 556 million yuan [1]. - In Q1 2025, revenue increased to 1.736 billion yuan, a year-over-year decline of 9.67%, with a net profit of 379 million yuan, down 21.44% [1]. Segment Performance - The medical device segment generated revenue of 3.33 billion yuan in 2024, down 9.5%, with coronary intervention revenue at 1.62 billion yuan (up 6.4%) and structural heart revenue at 470 million yuan (up 44%) [2]. - The pharmaceutical segment faced challenges, with revenue of 1.76 billion yuan, down 42%, including a 46.5% decline in formulations [2]. - The healthcare services and management segment reported revenue of 1.02 billion yuan, down 19%, although a specific hospital showed a 15.6% growth [2]. R&D and Innovation - The company invested 770 million yuan in R&D in 2024, accounting for 12.61% of revenue, and introduced several new products in the medical device sector [3]. - The pharmaceutical segment is accelerating innovation, with multiple products in various stages of clinical trials, including GLP-1 series products and other diabetes treatments [3]. - The company is also advancing in consumer healthcare, with ongoing development of ophthalmology and dermatology products, and has launched an AI-based ECG analysis software [3]. Profit Forecast - Revenue projections for 2025-2027 are 6.733 billion, 7.445 billion, and 8.254 billion yuan, with year-over-year growth rates of 10.31%, 10.59%, and 10.87% respectively [4]. - Expected net profits for the same period are 1 billion, 1.15 billion, and 1.328 billion yuan, with growth rates of 304.93%, 15.04%, and 15.45% respectively [4].