英诺特(688253)：核心业务积极放量 新业务有序拓展

Group 1 - The company achieved revenue and net profit attributable to shareholders of 621 million and 247 million yuan in 2024, representing year-on-year growth of 30.0% and 41.9%, respectively, aligning with performance expectations [1] - In Q1 2025, the company reported revenue and net profit attributable to shareholders of 207 million and 95 million yuan, showing year-on-year declines of 26.5% and 34.8%, attributed to domestic policy adjustments and high base effects from Q1 2024 [1] - The gross profit margin for 2024 was 80.1%, an increase of 4.1 percentage points year-on-year, driven by a higher proportion of revenue from high-margin conventional products [1] Group 2 - The core respiratory product series generated revenue of 607 million yuan in 2024, reflecting a year-on-year increase of 30.8%, with continued market recognition and an expanding sales network [2] - Incremental businesses, including the prenatal and other series, achieved revenues of 4.17 million, 10.36 million, and 0.16 million yuan, with year-on-year growth rates of 0.8%, 7.4%, and a decline of 70.0%, respectively [2] - The company anticipates further growth in its incremental businesses in 2025, supported by new product approvals and enhanced sales promotion efforts [2] Group 3 - The company has successfully launched multiple new products in the chemical luminescence and PCR categories, enhancing its competitive position in the IVD market [3] - The company is increasing its investment in consumer-end business, establishing independent teams across product, R&D, and marketing to adapt to new home testing scenarios [3] - By the end of 2024, the company has established a significant presence in Southeast Asia and is advancing clinical trials and regulatory submissions for IVDR and FDA products in Europe and the U.S. [3] Group 4 - The company adjusted its EPS forecasts for 2025-2027 to 1.92, 2.21, and 2.53 yuan, reflecting a downward revision of 51% and 57% for 2025 and 2026, respectively, due to short-term revenue growth disruptions from domestic policy changes [4] - The company is assigned a target price of 40.23 yuan for 2025, based on a 21x PE ratio, compared to a previous target of 58.50 yuan [4]