Furui Co.,Ltd(300049) 海通证券·2024-08-08 07:31Investment Rating - The report assigns an "Outperform" rating to FURUI (300049) [1] Core Views - FURUI is a leading player in liver disease diagnosis and treatment, with a comprehensive product portfolio covering pharmaceuticals, medical devices, and healthcare services [5] - The company's FibroScan, a non-invasive liver fibrosis detection device, is globally recognized and has significant academic and market influence [5][24] - FURUI has maintained steady growth, with revenue increasing from RMB 850 million in 2017 to RMB 1.154 billion in 2023, representing a 6-year CAGR of 5.22% [5][12] - Net profit attributable to the parent company grew from RMB 72 million in 2017 to RMB 102 million in 2023, with a 6-year CAGR of 5.90% [5][12] - In Q1 2024, net profit attributable to the parent company reached RMB 43 million, a year-on-year increase of 228.57% [5][12] Financial Performance - Revenue is expected to grow from RMB 1.154 billion in 2023 to RMB 2.390 billion in 2026, with a CAGR of 26.01% [7][30] - Net profit attributable to the parent company is projected to increase from RMB 102 million in 2023 to RMB 449 million in 2026, with a CAGR of 46.9% [7][30] - EPS is forecasted to rise from RMB 0.38 in 2023 to RMB 1.69 in 2026 [7][30] - Gross margin is expected to improve from 74.7% in 2023 to 84.8% in 2026 [7][30] Product and Market Analysis - FibroScan is the world's first non-invasive liver fibrosis detection device, widely recognized by global health authorities and included in multiple international guidelines [5][24] - The device has been installed in over 275 locations in North America and Western Europe under a pay-per-use model, generating RMB 329 million in revenue in 2023 [24] - FURUI's pharmaceutical products, such as Fufang Biejia Ruangan Tablets, are widely used in the treatment of liver fibrosis and have strong market recognition [26] - The company is expanding its pediatric healthcare services, with revenue from this segment growing by 6.81% in 2023 [27][28] Industry Outlook - China has a large patient base for liver diseases, with 700 million people suffering from cirrhosis and 46,000 new cases of liver cancer annually [15][16] - The global market for non-alcoholic fatty liver disease (NAFLD) drugs is expected to grow from USD 1.9 billion in 2020 to USD 32.2 billion by 2030, presenting significant opportunities for FURUI's diagnostic and treatment products [19][21] - FibroScan is well-positioned to become a mainstream diagnostic tool for liver diseases, supported by its non-invasive, accurate, and efficient features [17][18]