Shenzhen YHLO Biotech (SH:688575) Xin Lang Cai Jing·2025-05-01 02:39Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed strong growth in non-COVID self-produced luminous business, particularly in overseas markets, despite short-term pressures in Q1 2025 due to centralized procurement impacts [1][2] Financial Performance - In 2024, the company achieved revenue of 2.012 billion yuan (YoY -2.02%) and a net profit of 302 million yuan (YoY -15.06%), with a non-recurring net profit of 287 million yuan (YoY +30.84%) [1] - For Q4 2024, the company reported revenue of 618 million yuan (YoY +21.57%) and a net profit of 83 million yuan (YoY +18.43%) [1] - In Q1 2025, revenue was 418 million yuan (YoY -3.13%) and net profit was 10 million yuan (YoY -84.63%) [1] Business Segments - The non-COVID self-produced luminous revenue for 2024 was 1.672 billion yuan (+26.1%), accounting for 83% of total revenue, with self-produced luminous revenue at 1.522 billion yuan (+30.3%) [2] - Domestic market revenue was 1.724 billion yuan (-7.03%), influenced by centralized procurement execution and inventory adjustments, while overseas market revenue grew to 250 million yuan (+52.08%) [2] R&D and Product Development - The company invested 338 million yuan in R&D in 2024, representing 16.8% of revenue, and achieved significant product registrations and localizations [3] - The introduction of high-end self-developed instruments and a rich product matrix in specialty testing areas is expected to enhance market expansion and improve profit margins [3] Future Outlook - Revenue projections for 2025-2027 are 2.309 billion yuan, 2.678 billion yuan, and 3.167 billion yuan, with expected growth rates of 14.76%, 15.98%, and 18.27% respectively [4] - Net profit forecasts for the same period are 371 million yuan, 464 million yuan, and 583 million yuan, with growth rates of 23.01%, 25.14%, and 25.51% respectively [4]