海尔生物（688139）：业绩企稳回升，新业务持续提速

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a stable recovery in performance with a slight increase in revenue and a decrease in net profit for 2024. Revenue reached 2.284 billion yuan, a year-on-year increase of 0.13%, while net profit attributable to shareholders was 367 million yuan, a decline of 9.71% [1][2] - The company has shown a strong growth trajectory in new industries, with a 21.25% increase in revenue from new sectors, which now account for 45.47% of total revenue, reflecting a 7.93 percentage point increase year-on-year [2] - The life sciences segment generated 1.094 billion yuan in revenue, up 6.14% year-on-year, driven by automation and intelligent solutions in laboratory settings [3] - The medical innovation segment saw revenue of 1.180 billion yuan, a decline of 4.91%, but excluding the solar vaccine program, it showed positive growth [4] - Domestic revenue remained resilient with a 4.75% increase, while overseas revenue decreased by 8.73%, although it is expected to accelerate in 2025 [8] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2.284 billion yuan, with a slight year-on-year growth of 0.1%. The net profit attributable to shareholders was 367 million yuan, down 9.7% from the previous year [1][10] - The gross margin for 2024 was 48.0%, a decrease of 2.64 percentage points, but if adjusted for accounting policy changes, it would be 50.43%, indicating stability [2] Business Segments - The life sciences segment's revenue reached 1.094 billion yuan, growing 6.14% year-on-year, focusing on automation and intelligent solutions [3] - The medical innovation segment generated 1.180 billion yuan, with a decline of 4.91%, but showed strong growth in hospital automation services [4] Market Outlook - The company anticipates revenue growth of 2.620 billion yuan in 2025, with a projected net profit of 446 million yuan, reflecting a year-on-year increase of 21.7% [9][10] - The overseas market is expected to see significant acceleration in 2025, with the company establishing localized teams in over 150 countries [8]