HAIER BIOMEDICAL(688139) 东海证券·2025-04-08 15:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is gradually stabilizing, and it is expected to return to a good growth trajectory in 2025 [1][5] - The life sciences segment is experiencing continuous innovation and growth, with new product categories accelerating [5] - The medical innovation segment is recovering, with strong growth in hospital automation and public health services [5] - The company has a clear advantage in its niche areas and is actively expanding new business lines, with new orders growing rapidly [5] Financial Summary - Revenue for 2022 was 2,864.04 million, with a year-on-year growth of 34.72%. In 2023, revenue decreased to 2,280.90 million, a decline of 20.36%. It is projected to increase to 2,594.89 million in 2025, reflecting a growth of 13.62% [2] - Net profit attributable to the parent company was 600.79 million in 2022, down 28.90% year-on-year. It is expected to recover to 408.08 million in 2025, with a growth of 11.31% [2] - The gross margin for 2024 is projected to be 47.99%, with a slight decline from previous years [2] - The company’s earnings per share (EPS) for 2025 is expected to be 1.28 yuan, with a price-to-earnings (PE) ratio of 24.95 [2][5] Segment Performance - The life sciences segment generated revenue of 1,094 million in 2024, a year-on-year increase of 6.14%, driven by new product launches [5] - The medical innovation segment's revenue was 1,180 million in 2024, a decrease of 4.91%, but showing signs of recovery in automation and digital services [5] Future Projections - The company is expected to achieve net profits of 4.08 million, 4.83 million, and 5.64 million for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.28, 1.52, and 1.77 yuan [5][6]