亚辉龙：发光业务增速亮眼，特色项目和国际化驱动增长-20250503

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 2.012 billion yuan in 2024, a decrease of 2.02% year-on-year, with a net profit attributable to shareholders of 302 million yuan, down 15.06% [6] - The company's non-COVID self-produced revenue grew by 26.13% to 1.672 billion yuan, with overseas non-COVID self-produced revenue increasing by 64.78% [7] - The company achieved a revenue of 1.522 billion yuan from its self-produced chemiluminescence business, marking a growth of 30.27% [7] - The company has seen a steady increase in installed chemiluminescence instruments, with a total of over 11,340 units installed by March 31, 2025, covering over 6,090 medical institutions [8] - The company expects revenue growth of 15.1%, 15.9%, and 15.2% for the years 2025, 2026, and 2027, respectively, with net profit growth of 27.6%, 27.2%, and 21.5% for the same years [9] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.012 billion yuan, with a net profit of 302 million yuan [6] - For Q1 2025, the company reported a revenue of 418 million yuan, down 3.13%, and a net profit of 10 million yuan, down 84.63% [6] Business Growth - The self-produced chemiluminescence business saw a revenue increase of 30.27% in 2024, with significant growth in both domestic and overseas markets [7] - The company installed 2,662 new chemiluminescence instruments in 2024, with a total of over 11,340 units installed by early 2025 [8] Future Projections - The company forecasts revenues of 2.315 billion yuan in 2025, 2.684 billion yuan in 2026, and 3.091 billion yuan in 2027, with corresponding net profits of 385 million yuan, 490 million yuan, and 595 million yuan [9][12]