HAIER BIOMEDICAL(SH:688139) Huachuang Securities·2025-05-06 07:31Investment Rating - The report maintains a "Recommendation" rating for Haier Biomedical (688139) [1] Core Views - The company reported Q1 2025 revenue of 689 million yuan, a slight increase of 0.30% year-on-year, while net profit attributable to shareholders decreased by 19.88% to 110 million yuan [1] - Non-storage new industries continue to maintain high growth, with overseas business returning to stable growth [1] - The company expects net profit attributable to shareholders for 2025-2027 to be 440 million, 540 million, and 640 million yuan, with year-on-year growth rates of 20.6%, 23.1%, and 18.3% respectively [7] Financial Performance Summary - Total revenue forecast for 2024A is 2,284 million yuan, with expected growth rates of 0.1% in 2024, 15.2% in 2025, 16.4% in 2026, and 13.2% in 2027 [3] - The net profit attributable to shareholders is projected to decline by 9.7% in 2024, followed by increases of 20.6%, 23.1%, and 18.3% in the subsequent years [3] - The earnings per share (EPS) is expected to rise from 1.15 yuan in 2024 to 2.02 yuan in 2027 [3] Business Segment Performance - The low-temperature storage business showed a narrowing decline, with a return to positive growth in Q4 2024 and continued improvement in Q1 2025 [7] - Non-storage new industries accounted for 44% of revenue in Q1 2025, with a year-on-year growth of 13.92% and a quarter-on-quarter growth of 27.35% [7] - Domestic revenue in Q1 2025 was 482 million yuan, a decrease of 3.35% year-on-year but an increase of 54.98% quarter-on-quarter [7] Investment Recommendations - The report maintains the profit forecast unchanged, with a target price of approximately 42 yuan based on a DCF model, corresponding to a total valuation of 13.3 billion yuan [7] - The company is expected to achieve a price-to-earnings (PE) ratio of 23, 19, and 16 for the years 2025, 2026, and 2027 respectively [3]