Lifotronic(SH:688389) Donghai Securities·2025-04-16 13:36Investment Rating - The investment rating for the company is "Buy" [8][10]. Core Views - The company's overall performance is stable, with a slight fluctuation in Q4. In 2024, the company achieved revenue of 1.15 billion yuan, a year-on-year increase of 0.20%, with domestic revenue at 759 million yuan (down 6.16%) and international revenue at 372 million yuan (up 14.87%). The net profit attributable to the parent company was 345 million yuan, reflecting a year-on-year increase of 5.12% [8]. - The in vitro diagnostic (IVD) segment is experiencing rapid growth, with revenue reaching 911 million yuan in 2024, a year-on-year increase of 9.96%. The gross margin for this segment is 69.68%, up 5.71 percentage points year-on-year [8]. - The treatment and rehabilitation business saw a decline, with revenue of 220 million yuan in 2024, down 27.68% year-on-year. However, the company is enhancing its marketing efforts, particularly in e-commerce, to boost sales in this segment [8]. Summary by Sections Financial Performance - In 2024, the company reported a main business revenue of 1.15 billion yuan, with a gross margin of 67.21% and a net profit margin of 29.87% [8]. - The projected net profits for 2025, 2026, and 2027 are 407 million yuan, 472 million yuan, and 537 million yuan, respectively, with corresponding EPS of 0.95 yuan, 1.10 yuan, and 1.25 yuan [8][9]. Business Segments - The IVD segment is expected to maintain strong growth due to new product launches and technological advancements [8]. - The treatment and rehabilitation segment is anticipated to recover as the company improves its product lineup and marketing strategies [8]. Valuation Metrics - The company is projected to have a PE ratio of 14.41 for 2025, decreasing to 10.91 by 2027, indicating a favorable valuation trend [8][9].