maccura(SZ:300463) Xin Lang Cai Jing·2025-05-27 10:41Core Viewpoint - The company is undergoing a strategic transition, facing revenue decline and profit pressure due to market adjustments and policy changes, while focusing on enhancing its own product development and reducing reliance on agency products [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.549 billion (-11.98%) and a net profit of 127 million (-59.44%), with Q4 revenue at 601 million (-12.0%) and a net loss of 155 million [1]. - For Q1 2025, revenue was 510 million (-17.22%) and net profit was 24 million (-80.09%) [1]. - The company recorded a goodwill impairment loss of 94 million in 2024 [1]. Group 2: Product and Market Strategy - The company is focusing on the separation of agency business and enhancing its own product lines, with direct sales revenue decreasing from 50.78% to 32.61% over the past five years, while self-developed product revenue increased from 50.03% to 75.07% [1]. - In 2024, agency product revenue was 612 million (-37.64%), while self-developed product revenue was 1.913 billion (+1.75%) [2]. - The company installed 346 production lines in 2024, totaling 891, with significant contributions from immunoassay and biochemical lines [2]. Group 3: Gross Margin and Cost Management - The overall gross margin for 2024 was 55.1% (-0.2pp), with a decline in self-developed product margins by approximately 4.77pp [3]. - Sales expenses decreased slightly by about 1%, with a sales expense ratio of 25.4% (+2.9pp), while management expenses decreased by about 10% [3]. - The company maintained a research and development expense ratio of 12.7% (+1.5pp), emphasizing the importance of R&D investment [3]. Group 4: Investment Outlook - Due to the impact of centralized procurement policies and the ongoing strategic transition, the profit forecasts for 2025-2026 have been lowered, with new projections for 2027 introduced [4]. - Expected net profits for 2025-2027 are 273 million, 354 million, and 424 million, with year-on-year growth rates of 115.2%, 29.7%, and 19.8% respectively [4]. - The company is focusing on nine major platforms, promoting smart laboratory solutions and expanding into overseas markets, with the effects of agency business separation and strategic adjustments expected to materialize [4].