DIRUI(SZ:300396) Huachuang Securities·2025-05-06 04:43Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [21]. Core Insights - The company reported Q1 2025 revenue of 182 million yuan, a decrease of 72.47% year-on-year, with a net profit of 16 million yuan, down 87.13% [1]. - The company is focusing on optimizing its reagent sales structure, with domestic reagent sales showing improvement and overseas operations remaining stable [7]. - The gross margin improved to 42.78%, up 6.38 percentage points year-on-year, while the net profit margin decreased to 8.59%, down 9.79 percentage points year-on-year due to increased expense ratios [7]. - The company expects a recovery in profits, projecting net profits of 200 million yuan, 260 million yuan, and 330 million yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 41.7%, 27.4%, and 28.5% [7]. Financial Summary - Total revenue is projected to grow from 1,218 million yuan in 2024 to 2,018 million yuan in 2027, with year-on-year growth rates of -11.6%, 17.4%, 18.4%, and 19.3% [3]. - The earnings per share (EPS) are expected to increase from 0.52 yuan in 2024 to 1.21 yuan in 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 25 to 11 [3]. - The company’s total market capitalization is approximately 3.545 billion yuan, with a current share price of 13.00 yuan and a target price of 18.00 yuan [3][4].