HAIER BIOMEDICAL(688139) 华创证券·2025-04-09 08:05Investment Rating - The report maintains a "Recommended" rating for Haier Biomedical (688139) with a target price of 42 yuan [2][8]. Core Views - The company reported a total revenue of 2.284 billion yuan for 2024, reflecting a slight increase of 0.13% year-on-year, while the net profit attributable to shareholders decreased by 9.71% to 367 million yuan [2][4]. - In Q4 2024, revenue accelerated to 502 million yuan, marking a growth of 10.40%, and net profit attributable to shareholders increased by 17.63% to 57 million yuan [2][4]. - The report highlights that the company is gradually returning to normal operations, with improving order growth despite challenges in the external environment [8]. Financial Summary - The projected total revenue for 2025 is estimated at 2.630 billion yuan, with a year-on-year growth rate of 15.2% [4]. - The net profit for 2025 is expected to reach 442 million yuan, representing a growth of 20.6% compared to 2024 [4]. - The company's gross margin for 2024 was reported at 47.99%, with an adjusted figure of 50.43% when accounting for changes in accounting policies [8]. Business Segment Performance - The Life Sciences segment achieved a revenue of 1.094 billion yuan in 2024, reflecting a growth of 6.14% [8]. - The Medical Innovation segment reported a revenue of 1.180 billion yuan, down 4.91% year-on-year, primarily due to disruptions from solar vaccine projects [8]. - Domestic revenue grew by 4.75% to 1.559 billion yuan, while overseas revenue decreased by 8.73% to 715 million yuan, although it showed signs of recovery in Q4 [8]. Future Outlook - The report anticipates that the net profit for 2025-2027 will be 440 million, 540 million, and 640 million yuan respectively, with corresponding growth rates of 20.6%, 23.1%, and 18.3% [8]. - The overall valuation of the company is estimated at 13.3 billion yuan, corresponding to the target price of approximately 42 yuan [8].