JAFRON(SZ:300529) HTSC·2025-04-16 09:00Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 29.21 [7][8]. Core Views - The company achieved a revenue of RMB 2.677 billion and a net profit of RMB 820 million in 2024, representing year-on-year growth of 39.3% and 87.9% respectively, aligning with performance forecasts [1]. - The company’s core products, including blood perfusion devices and plasma bilirubin adsorbers, showed significant revenue growth of 57.2% and 87.8% in 2024, indicating strong clinical application and market acceptance [2]. - The company is actively expanding its business into new scenarios, products, and regions, with over 1,800 hospitals covered for its critical care products and a presence in over 98 countries [3]. Summary by Sections Financial Performance - In 2024, the company reported a net operating cash flow of RMB 1.051 billion, up 14.6% year-on-year, indicating a healthy cash flow position [1]. - The revenue forecast for 2025 is adjusted to RMB 2.699 billion, reflecting a slight increase of 0.79% from 2024, while the net profit is projected at RMB 833 million, a 1.56% increase [4][6]. Product Development - The company’s renal and liver products have seen substantial revenue growth, with renal product HA130 achieving a 55% increase in revenue and a 100% increase in sales volume in 2024 [2]. - New product penetration rates are improving, with the renal KHA product seeing a revenue increase of 188% in 2024 [2]. Market Position and Valuation - The company is positioned as a leader in the domestic blood perfusion industry, with a comprehensive product layout and robust sales channels, leading to a valuation of 28x PE for 2025 [4][12]. - The adjusted target price reflects a decrease from RMB 42.41 to RMB 29.21, based on revised profit forecasts [4][12].