Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [6]. Core Insights - The company achieved total revenue of 2.812 billion yuan in 2024, a year-on-year increase of 0.8%, while the net profit attributable to shareholders decreased by 17.9% to 283 million yuan [1]. - The decline in egg retrieval cycles in 2024 is attributed to the inclusion of certain assisted reproductive projects in medical insurance, leading to a postponement of patient visits [2]. - The company is expanding its domestic and international presence, with a strategic partnership in Southeast Asia to enhance growth opportunities [3]. - The introduction of local fertility subsidy policies is expected to stimulate growth in the coming years, alongside the rollout of medical insurance policies for assisted reproductive services [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.812 billion yuan, with a slight growth of 0.81% compared to 2023. The net profit is projected to decline to 382 million yuan in 2025, followed by a gradual recovery [5]. - The revenue breakdown shows that the core assisted reproductive services (ARS) generated 1.44 billion yuan, a decrease of 0.25%, while consumables and equipment sales increased by 5.77% to 121 million yuan [2]. Business Segments - The company’s domestic revenue from the Chengdu region was 1.473 billion yuan, a slight increase of 0.13%, while overseas revenue reached 604 million yuan, reflecting a growth of 6.0% [3]. - The report highlights a significant increase in overseas ARS cycles, with a year-on-year growth of 18.2%, indicating resilience in international operations [3]. Future Outlook - The report anticipates that the combination of fertility subsidies and medical insurance policies will drive an increase in egg retrieval cycles, positively impacting future revenue [4]. - The company’s earnings forecasts for 2025 and 2026 have been adjusted downward due to anticipated changes in cycle numbers and cost structures, with new projections of 382 million yuan and 416 million yuan respectively [4].
锦欣生殖（01951）：2024年报点评：24年业绩符合预期，25年看好生育刺激政策拉动增长