国内业务销售承压 理邦仪器2024年归母净利润同比下降27%

Core Viewpoint - In 2024, the company reported a revenue of 1.834 billion yuan, a year-on-year decrease of 5.35%, and a net profit attributable to shareholders of 162 million yuan, down 26.75% [2] Revenue Breakdown - Domestic market revenue decreased significantly, reaching 736 million yuan, a decline of 24.82%, while international market revenue increased to 1.098 billion yuan, a growth of 14.54% [2] - The company’s revenue from in vitro diagnostics was 374 million yuan, up 5.14%, while patient monitoring revenue fell by 15.56% to 527 million yuan [3] Cash Flow and Profitability - There was a significant difference between cash flow from operating activities and net profit due to increased accounts payable and reduced inventory, leading to higher cash flow despite lower net profit [3] - In Q1 2025, the company reported a revenue of 420 million yuan, a decline of 5.2%, but net profit increased by 69% to 65.09 million yuan [3] International Market Performance - The company’s overseas revenue proportion rose to 60%, with the U.S. market accounting for about 10% of total revenue [4] - Key international business segments such as electrocardiogram diagnostics and ultrasound imaging remained stable, while in vitro diagnostics and patient monitoring saw significant growth [4] Research and Development - Cumulative R&D investment exceeded 2.71 billion yuan since the company’s listing, with 340 million yuan spent in the reporting period, representing 18.55% of revenue [5] - R&D investment decreased by approximately 7 million yuan compared to 2023, and the number of R&D personnel reduced from 789 to 728 [5] Strategic Outlook - The company plans to strengthen its domestic sales system and leverage policy benefits in the medical device sector while continuing its global diversification strategy [5]