Vazyme(688105) 国盛证券·2024-11-08 12:50Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - New product launches and overseas market expansion drive steady revenue growth, while cost reduction and efficiency improvements boost gross margins [1] - Strong downstream demand for GLP-1 drives high growth in the biopharmaceutical sector, with the life sciences business showing good growth momentum and international business becoming a second growth curve [1] - The company strategically focuses on downstream blockbuster products, with progress in respiratory pathogens, AD blood testing, and microfluidic products, opening long-term growth potential [1] Financial Performance - Q1-Q3 2024 revenue reached RMB 986 million, up 13.42% YoY, with net profit attributable to shareholders of RMB 18.16 million, up 123.77% YoY [1] - Q3 2024 revenue was RMB 337 million, up 12.87% YoY, but net profit attributable to shareholders declined 57.55% YoY to RMB 2 million [1] - Q3 2024 gross margin improved to 69.97%, up 1.64 percentage points YoY, reflecting cost reduction and efficiency gains [1] Business Segment Performance - Life Sciences: Q3 2024 revenue was approximately RMB 260 million, up 14% YoY, with cell protein business growing over 120% and international business revenue reaching RMB 23 million [1] - Biopharmaceuticals: Q3 2024 revenue was approximately RMB 50 million, up 40% YoY, driven by GLP-1 business [1] - In Vitro Diagnostics: Revenue declined sequentially due to off-season for respiratory pathogen testing and ongoing market promotion for AD testing products [1] Strategic Focus - Respiratory Pathogens: Products for influenza A/B and Mycoplasma pneumoniae have obtained registration certificates, with over 500 hospitals onboarded [1] - AD Blood Testing: Six AD blood testing indicators were approved in April 2024, with equipment expected to complete registration by year-end and 200-300 hospitals targeted for installation [1] - Microfluidics: Completed development and EU registration for a 6-plex upper respiratory infection test, with plans for additional products targeting Europe, the Middle East, and Southeast Asia [1] Financial Projections - Revenue for 2024-2026 is projected to be RMB 1.44 billion, RMB 1.79 billion, and RMB 2.25 billion, with YoY growth of 12.0%, 24.6%, and 25.2% respectively [1] - Net profit attributable to shareholders for 2024-2026 is projected to be RMB 31 million, RMB 152 million, and RMB 273 million, with YoY growth of 144.1%, 385.4%, and 79.6% respectively [1] - PE ratios for 2024-2026 are projected at 308X, 63X, and 35X [1]