华鑫证券：给予理邦仪器买入评级

Core Viewpoint - The report indicates that the performance of Libang Instruments (300206) meets expectations, with steady progress in diversification, and a "buy" rating is given for the stock [1] Group 1: Financial Performance - In 2024, the company achieved operating 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%, primarily due to the high base effect from Q1 2023 [2] - For Q1 2025, the company reported operating revenue of 420 million yuan, a year-on-year decrease of 5.25%, while net profit attributable to shareholders increased by 68.98% to 65 million yuan [2] Group 2: Product Development - The company launched the new generation wet blood gas analyzer i500, enhancing its competitive edge in the domestic blood gas analysis market and accelerating the localization process [3] - The i500 offers significant advantages in consumable management, requiring only two types of consumables, which can be transported and stored at room temperature, thus reducing costs for hospitals [3] - The device requires only 63μL of blood, minimizing patient burden and improving clinical operation convenience [3] Group 3: Digital Transformation - The company is promoting digital transformation in healthcare through information technology integration, enhancing operational efficiency and service quality [4] - As of the 2024 report, the company has implemented smart health solutions in 31 provincial-level administrative regions, covering over 15,000 hospitals, and has provided remote ECG diagnosis services 33 million times [4] - The integration of new technologies like cloud computing, AI, and 5G is expected to further expand remote medical services and internet healthcare models [4] Group 4: Profit Forecast - The company forecasts revenues of 2.027 billion yuan, 2.241 billion yuan, and 2.485 billion yuan for 2025, 2026, and 2027 respectively, with EPS of 0.35 yuan, 0.41 yuan, and 0.50 yuan [5] - The current stock price corresponds to PE ratios of 34.1, 28.4, and 23.7 for the years 2025, 2026, and 2027, respectively [5] - The company’s long-term R&D and technological accumulation are entering a return phase, with competitive new products expected to drive further growth [5]