WONDFO BIOTECH(300482) Huachuang Securities·2025-05-14 05:12Investment 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 [5][24]. Core Insights - The company reported a revenue of 3.065 billion yuan in 2024, representing a year-on-year growth of 10.85%. The net profit attributable to the parent company was 562 million yuan, up 15.18% year-on-year. For Q1 2025, the revenue was 800 million yuan, down 7.06% year-on-year, with a net profit of 189 million yuan, down 13.37% year-on-year [2][4]. Financial Performance Summary - 2024 Financial Performance: - Total revenue: 3.065 billion yuan (+10.85%) - Net profit: 562 million yuan (+15.18%) - Non-recurring net profit: 497 million yuan (+19.90%) [2][4] - 2025 Q1 Financial Performance: - Total revenue: 800 million yuan (-7.06%) - Net profit: 189 million yuan (-13.37%) - Non-recurring net profit: 172 million yuan (-17.57%) [2][4] Financial Projections - Revenue Forecast: - 2025E: 3.525 billion yuan (+15.0%) - 2026E: 4.024 billion yuan (+14.2%) - 2027E: 4.637 billion yuan (+15.2%) [4][10] - Net Profit Forecast: - 2025E: 647 million yuan (+15.2%) - 2026E: 745 million yuan (+15.1%) - 2027E: 861 million yuan (+15.7%) [4][10] - Earnings Per Share (EPS): - 2025E: 1.34 yuan - 2026E: 1.55 yuan - 2027E: 1.79 yuan [4][10] Valuation - The report estimates a total valuation of 136 billion yuan for the company, leading to a target price of 28 yuan per share based on the DCF model [9][10]. Business Segment Performance - Chronic Disease Management Testing: Revenue of 1.369 billion yuan (+22.38%) in 2024, with significant market share gains in domestic and overseas markets [9]. - Infectious Disease Testing: Revenue of 1.042 billion yuan (+9.50%) in 2024, with growth in both domestic and international markets [9]. - Prenatal and Newborn Screening: Revenue of 294 million yuan (+9.97%) in 2024, driven by market share consolidation and product innovation [9]. - Drug Abuse Testing: Revenue of 286 million yuan (-13.39%) in 2024, facing increased competition but achieving growth in small client orders [9].