海尔生物（688139）：业绩企稳回升，新产业延续高增态势

Investment Rating - The report maintains a "Buy" rating for Haier Biomedical [6] Core Views - The company's operational resilience is highlighted, with revenue showing a quarter-on-quarter improvement since the second half of 2024, while profit performance is impacted by changes in investment net income [2][3] - Non-storage new industries are experiencing robust growth, with a 21.25% year-on-year increase, and the company is embracing AI-driven digital transformation [3] - Domestic market advantages are being solidified, with a 4.75% year-on-year increase in domestic revenue, while overseas market disruptions have been largely mitigated [4] Financial Performance Summary - In 2024, Haier Biomedical achieved operating revenue of 2.284 billion yuan, a slight increase of 0.13% year-on-year, while net profit attributable to shareholders decreased by 9.71% to 367 million yuan [1][5] - The company reported a gross margin of 47.99% in 2024, with a stable adjusted gross margin of 50.43% [2] - The investment net income for 2024 was 23.8 million yuan, down 71.34% year-on-year, affecting profit growth [2] Revenue and Profit Forecast - The forecast for operating revenue from 2025 to 2027 is 2.623 billion yuan, 3.023 billion yuan, and 3.479 billion yuan, representing year-on-year growth rates of 14.9%, 15.2%, and 15.1% respectively [4][5] - The projected net profit attributable to shareholders for the same period is 448 million yuan, 535 million yuan, and 649 million yuan, with growth rates of 22.1%, 19.5%, and 21.3% respectively [4][5]