亚辉龙（688575）：点评报告：化学发光业务亮眼，国内外装机快速推进

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][14]. Core Views - The company's chemical luminescence business shows strong performance, with rapid installation growth both domestically and internationally [1]. - The company reported a revenue of 2.012 billion yuan in 2024, a year-on-year decrease of 2.02%, primarily due to a significant reduction in COVID-19 related business [4]. - The non-COVID self-produced main business revenue grew by 26.13% year-on-year, reaching 1.672 billion yuan [6]. - The company achieved a gross margin of 65.28% in 2024, an increase of 8.47 percentage points year-on-year [8]. Summary by Sections Financial Performance - In 2024, the company reported a net profit of 302 million yuan, down 15.06% year-on-year, mainly due to investment income impacts [4]. - The first quarter of 2025 saw a revenue of 418 million yuan, a decline of 3.13% year-on-year, with a net profit of 10 million yuan, down 84.63% [5]. - The company’s gross margin for non-COVID self-produced business was 71.50%, up 1.50 percentage points year-on-year [6]. Business Growth - The company installed 2,662 self-produced chemical luminescence instruments in 2024, with domestic installations increasing by 2.22% and international installations rising by 80.56% [7]. - The revenue from chemical luminescence diagnostic reagents grew significantly, with specific product lines seeing increases of up to 38.21% year-on-year [7]. Profitability and Forecast - The report forecasts revenues of 2.312 billion yuan, 2.692 billion yuan, and 3.101 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of 14.93%, 16.44%, and 15.19% [10]. - The projected diluted earnings per share (EPS) for 2025, 2026, and 2027 are 0.64 yuan, 0.80 yuan, and 0.99 yuan, respectively [10].