Allgens(SH:688613) Xinda Securities·2025-05-02 15:06Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance is under short-term pressure due to centralized procurement, but market expansion is accelerating, indicating strong growth momentum. In 2024, the company achieved revenue of 206 million yuan, a year-on-year decrease of 9.03%, and a net profit loss of 13 million yuan, a year-on-year decline of 123.35%. The company is actively expanding its domestic market and has made breakthroughs in international markets [2][4] - The "Bone Gold" product line is expected to see increased sales volume, while the company is also positioning itself in the implant business to create new growth points. The revenue from the "Bone Gold" product was 145 million yuan, with a gross margin of 72.84%. The company has also acquired HumanTechDental in Germany to expand its dental implant business [2][4] - Revenue forecasts for 2025-2027 are projected at 270 million, 355 million, and 470 million yuan, with year-on-year growth rates of 31.0%, 31.5%, and 32.3%, respectively. The net profit for the same period is expected to be 42 million, 66 million, and 98 million yuan, with significant growth rates [2][4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 206 million yuan, a decrease of 9.03% year-on-year, and a net profit loss of 13 million yuan, a decline of 123.35% year-on-year. The first quarter of 2025 saw revenue of 42 million yuan, down 10.35% year-on-year, with a net profit of 0.01 yuan, a decrease of 84.99% year-on-year [2][4] - The company is expected to recover with projected revenues of 270 million, 355 million, and 470 million yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 42 million, 66 million, and 98 million yuan [4] Market Expansion - The company has developed over 900 new hospitals in 2024, a 90% increase year-on-year, primarily due to the implementation of centralized procurement. This expansion is expected to lay a solid foundation for domestic revenue growth [2] - The company has made significant strides in international markets, completing clinical trials for its artificial bone repair products in Southeast Asia and Latin America [2] Product Lines - The "Bone Gold" product line generated revenue of 145 million yuan, with a gross margin of 72.84%. The decline in gross margin is attributed to lower factory prices following centralized procurement [2] - The "Tooth Bay" dental repair material performed well, achieving revenue of 39 million yuan, an increase of 82.1% year-on-year. The acquisition of HumanTechDental is expected to enhance the synergy between the dental implant and "Tooth Bay" businesses [2]