Vazyme(SH:688105) GOLDEN SUN SECURITIES·2025-04-17 08:23Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's revenue for 2024 reached 1.378 billion yuan, a year-on-year increase of 7.15%, while the net profit attributable to the parent company was -18 million yuan, a year-on-year increase of 74.5% [1][2]. - The growth in revenue is driven by the successful launch of new life science products and the expansion into overseas markets, while the profit growth outpaced revenue growth mainly due to a decrease in asset impairment losses [2][3]. - The company is actively pursuing a strategic transformation focusing on downstream major products, with successful advancements in respiratory, Alzheimer's disease blood testing, and GLP-1 businesses, which opens up long-term growth potential [1][3]. Financial Performance Summary - In 2024, the life sciences segment achieved a revenue growth of approximately 19%, with overseas revenue reaching 101 million yuan, a year-on-year increase of about 122% [3]. - The gross profit margin for 2024 was 69.97%, with a slight decrease of 1.08 percentage points year-on-year [2]. - The company expects revenues of 1.517 billion, 1.742 billion, and 2.011 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.1%, 14.8%, and 15.4% [4][5]. Business Segment Insights - The overseas business significantly contributed to growth, with a gross margin of 81%, which is higher than the domestic market [3]. - The company has strategically focused on major downstream products, achieving certifications for several respiratory products and making progress in the commercialization of the GLP-1 business [3]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2025, 2026, and 2027 is 97 million, 121 million, and 151 million yuan, respectively, with substantial growth expected in 2025 at 634.1% year-on-year [4][5].