Runda Medical(SH:603108) Huaan Securities·2025-09-08 08:19Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Views - The company's traditional business is under pressure, while its AI medical business is accelerating its implementation [2] - In the first half of 2025, the company reported a revenue of 3.47 billion yuan, a year-on-year decrease of 16.08%, and a net profit attributable to shareholders of -121 million yuan, a year-on-year decrease of 232.14% [2][3] - The second quarter of 2025 showed a revenue of 1.81 billion yuan, a year-on-year decrease of 12.32%, with a net profit of -51 million yuan, a year-on-year decrease of 174.81% [2][3] Business Performance Summary - The second quarter losses narrowed compared to the first quarter, indicating a trend of gradual improvement [3] - The overall performance is under pressure mainly due to the IVD industry being affected by centralized procurement and price reductions, leading to a decline in product prices [3] - The revenue from the centralized and regional testing business in the first half of 2025 was 932 million yuan, down 24.59% year-on-year, while the industrial segment generated 210 million yuan, down 7.18% year-on-year [3] - The third-party laboratory business reported a revenue of 60.19 million yuan, down 18.80% year-on-year, primarily due to price reductions in certain testing projects [3] AI Medical Business Development - The company is deepening its AI strategy, with medical information business revenue reaching 94 million yuan in the first half of 2025, a year-on-year increase of 40.73% [4] - The AI layout covers B, C, and G ends, creating a closed-loop ecosystem from pre-diagnosis to post-diagnosis [4] - The company has provided AI solutions to over 100 hospitals, including Huaxi Hospital and Qilu Hospital, enhancing specialized diagnostic capabilities [4] Investment Recommendations - The company is expected to achieve revenues of 8.08 billion yuan, 8.70 billion yuan, and 9.46 billion yuan from 2025 to 2027, with year-on-year growth rates of -2.7%, 7.6%, and 8.7% respectively [5] - The net profit attributable to shareholders is projected to be 199 million yuan, 238 million yuan, and 275 million yuan for the same period, with year-on-year growth rates of 260.0%, 19.8%, and 15.2% respectively [5] - The corresponding EPS is expected to be 0.33 yuan, 0.40 yuan, and 0.46 yuan, with PE multiples of 52, 43, and 37 times [5]