亚辉龙(688575)2024年年报及2025年一季报业绩点评：盈利阶段性承压 海外业务快速增长

Core Viewpoint - The company reported a decline in net profit for 2024 and Q1 2025, primarily due to fair value losses, while maintaining growth in its core business segments and optimizing its product offerings [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.012 billion yuan, with a net profit of 302 million yuan, representing a decrease of 15.06%. The non-recurring net profit was 287 million yuan, an increase of 30.84% [1]. - For Q1 2025, the company reported revenue of 418 million yuan, a decrease of 3.13%, and a net profit of 10 million yuan, down 84.64% [1]. Business Structure and Growth - The company’s non-COVID core business generated revenue of 1.672 billion yuan in 2024, up 26.13%, with domestic revenue of 1.422 billion yuan (+21.14%) and overseas revenue of 250 million yuan (+64.78%) [2]. - The gross margin for 2024 was 65.28%, an increase of 8.47 percentage points, attributed to revenue growth and improved revenue structure [2]. Product and Market Development - The chemical luminescence business saw revenue of 1.522 billion yuan in 2024, a growth of 30.27%, with 2,662 new installations [3]. - As of Q1 2025, the chemical luminescence business generated revenue of 314 million yuan (+2.35%), with overseas revenue increasing by 56.31% [3]. Research and Development - The company invested 338 million yuan in R&D in 2024, accounting for 16.80% of revenue, while Q1 2025 R&D investment was 67 million yuan, representing 16.08% of revenue [4]. - The company received domestic and international certifications for new products, enhancing its product solutions [4]. Investment Outlook - The company is positioned as a leading player in the chemical luminescence sector, with rapid market penetration in specialized projects driving reagent business growth [5]. - The forecast for net profit from 2025 to 2027 is adjusted to 341 million yuan, 427 million yuan, and 526 million yuan, with respective growth rates of 13.01%, 25.18%, and 23.28% [5].