FRMS CO., LTD(SZ:300049) Xin Lang Cai Jing·2025-04-26 08:35Core Insights - The company reported steady growth in revenue and profit for 2024, with operating income of 1.349 billion yuan (yoy +16.93%) and net profit attributable to shareholders of 113 million yuan (yoy +11.54%) [1][2] - In Q1 2025, the company experienced a slight increase in revenue but a significant decline in net profit, with operating income of 330 million yuan (yoy +2.35%) and net profit of 28.64 million yuan (yoy -32.97%) [1][2] Financial Performance - For 2024, the company's gross margin was 74.13%, a decrease of 0.62 percentage points; the sales expense ratio was 25.47%, down 2.39 percentage points; the management expense ratio increased to 17.84%, up 4.27 percentage points; the R&D expense ratio was 7.37%, up 0.23 percentage points; and the net profit margin was 14.52%, down 0.83 percentage points [2] - In Q1 2025, the gross margin improved to 76.76%, an increase of 0.16 percentage points; the sales expense ratio rose to 25.87%, up 1.66 percentage points; the management expense ratio increased to 22.54%, up 4.27 percentage points; the R&D expense ratio decreased to 6.71%, down 1.17 percentage points; and the net profit margin was 12.61%, down 7.65 percentage points, primarily due to stock incentive costs and foreign exchange losses [2] Product and Market Development - The FibroScan device gained significant academic recognition, receiving a "best" rating in U.S. guidelines, with over 5,200 clinical research papers and recommendations from more than 200 liver disease authoritative guidelines and consensus [3] - In 2024, the company's medical device revenue reached 923 million yuan, with rental and other non-sales model revenue accounting for 412 million yuan, representing 44.62% of total revenue, an increase of 5.03 percentage points from the previous year [3] Earnings Forecast and Investment Rating - The company is projected to achieve revenues of 1.692 billion yuan, 2.087 billion yuan, and 2.548 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 218 million yuan, 280 million yuan, and 356 million yuan, corresponding to PE ratios of 37.11X, 28.86X, and 22.76X [4] - The company is expected to continue its focus on liver disease treatment and diagnostics, leveraging the innovative advantages of FibroScan for growth in liver fibrosis diagnosis and treatment [4]