Runda Medical(SH:603108) Zheng Quan Zhi Xing·2025-07-08 16:08Core Viewpoint - The financial performance of Shanghai RunDa Medical Technology Co., Ltd. in 2024 showed a significant decline in revenue and net profit compared to previous years, primarily due to fixed costs not decreasing in line with revenue drops and the impact of industry-wide pricing pressures [1][11]. Financial Performance - The company reported a revenue of 8.312 billion yuan in 2024, a year-on-year decrease of 9.13% [1][11]. - The net profit attributable to shareholders was 55.2806 million yuan, down 79.77% year-on-year, significantly higher than the industry average decline [1][11]. - The commercial segment generated 7.864 billion yuan in revenue, a decrease of 8.34%, with a gross margin of 23.27%, down 1.27 percentage points [1][6]. - The industrial segment reported 442 million yuan in revenue, down 21.18%, but with a gross margin of 62.12%, up 5.22 percentage points [1][8]. Cost Structure - The company’s operating costs, including service costs, depreciation, and other fixed expenses, did not decrease proportionately with the revenue decline, leading to pressure on profit margins [11][12]. - Sales expenses decreased by 8.01% to 840.78 million yuan, while management expenses decreased by 5.67% to 479.94 million yuan [11][12]. - Financial expenses remained relatively stable, with a slight decrease of 1.03% to 313.44 million yuan [11][12]. Segment Analysis - The commercial segment includes traditional supply chain services, centralized/regional testing center services, and third-party laboratory services, with varying gross margins [4][6]. - The gross margin for traditional supply chain services was 25.83%, down from 26.41% in 2023, while the third-party laboratory services saw a significant drop from 40.70% to 33.30% [6][8]. - The industrial segment's gross margin increased due to the exclusion of lower-margin quality control products from the consolidated financials [8][12]. Industry Comparison - The company’s gross margins in the commercial segment are competitive with industry peers, with no significant differences noted [6][8]. - The overall trend in the industry shows a decline in revenue and profit margins due to macroeconomic factors and healthcare cost control policies [14][15]. Future Outlook - The company is expected to continue facing challenges from pricing pressures and the need to manage fixed costs effectively to improve profitability [11][12]. - There is a focus on enhancing operational efficiency and exploring new revenue streams to mitigate the impact of declining margins [12][15].