Vazyme(688105) 国投证券·2024-08-29 11:43Investment Rating - The report assigns a "Buy - A" investment rating to the company, with a 12-month target price of 23.20 CNY, compared to the current stock price of 19.30 CNY [2][9]. Core Insights - The company's overall performance has significantly improved, with a 13.70% year-on-year increase in revenue to 649 million CNY in the first half of 2024, and a return to profitability with a net profit of 16.16 million CNY [1][2]. - The company has launched over 160 new products in its Life Sciences division and achieved a revenue growth of approximately 18% in this segment [2]. - The In Vitro Diagnostics division has seen a 32% year-on-year revenue growth, supported by the acquisition of new medical device certifications and an extensive network of over 350 channel partners [2]. - The company has developed a supply chain solution for semaglutide in its Biopharmaceutical division, achieving significant production capacity [2]. - The newly established Microfluidics division has successfully developed a respiratory infection detection kit, receiving EU CE certification [2]. - The International Business division has expanded its reach to over 60 countries, enhancing global delivery capabilities [2]. - The company is expected to achieve full profitability in the second half of 2024 as revenue continues to grow [7]. Financial Performance Summary - In the first half of 2024, the company reported a gross margin of 70.74%, with a slight year-on-year decline but stable compared to the second half of 2023 [7]. - The company’s sales expenses amounted to 218 million CNY, while management and R&D expenses were 109 million CNY and 142 million CNY, respectively, showing a reduction compared to previous periods [7]. - Revenue projections for 2024 to 2026 are estimated at 1.563 billion CNY, 1.915 billion CNY, and 2.323 billion CNY, with corresponding net profits of 97.6 million CNY, 232.8 million CNY, and 345.5 million CNY [9][10].