Vazyme(688105) 首创证券·2024-09-09 06:30Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Insights - The company reported a revenue of 649 million yuan for the first half of 2024, representing a year-on-year increase of 13.70%. The net profit attributable to shareholders was 16.16 million yuan, while the non-recurring net profit was -15.29 million yuan [2][3]. - The regular business maintained rapid growth, with a revenue increase of approximately 20% in the first half of 2024. The second quarter revenue was about 350 million yuan, with a year-on-year growth rate of approximately 30%, driven by new product lines in the life sciences sector and international business expansion [3]. - Major products are expected to drive revenue growth, as the company focuses on high-demand medical products with significant market entry barriers. The commercialization of innovative products such as rapid tests for respiratory pathogens and Alzheimer's blood tests is anticipated to contribute to sustained revenue growth [3][4]. - The company has optimized its expense ratios, with a sales expense ratio of 33.52%, a management expense ratio of 16.72%, and a research and development expense ratio of 21.95% in the first half of 2024, all showing year-on-year declines. This optimization is expected to enhance profitability as new product lines ramp up [3][4]. - Revenue forecasts for 2024 to 2026 are adjusted to 1.586 billion yuan, 2.022 billion yuan, and 2.494 billion yuan, with year-on-year growth rates of 23.3%, 27.6%, and 23.3% respectively. The net profit attributable to shareholders is projected to be 99 million yuan, 182 million yuan, and 367 million yuan for the same period [4][5].