公司研究报告：自免龙头异军突起，国内外协同发展

Company Overview - Yihuilong (688575) is a leading in-vitro diagnostics (IVD) company in China, specializing in the R&D, production, and sales of IVD products, including instruments and reagents based on chemiluminescence immunoassay [53] - The company's products cover various fields such as autoimmune diseases, reproductive health, liver disease, and respiratory infections, with over 66% coverage in domestic top-tier hospitals [51] - Yihuilong has expanded its presence to nearly 110 countries and regions globally, with products exported to Europe and the Americas [1] Financial Performance - Yihuilong's revenue grew from RMB 729 million in 2018 to RMB 2.043 billion in 2023, with a 5-year CAGR of 22.90% [23] - Net profit attributable to shareholders increased from RMB 38 million in 2018 to RMB 358 million in 2023, with a 5-year CAGR of 56.58% [23] - In 2023, non-COVID-19 self-produced business revenue reached RMB 1.324 billion, a YoY increase of 46.46%, with non-COVID-19 chemiluminescence business revenue growing 49.89% YoY to RMB 1.167 billion [23] R&D and Innovation - Yihuilong's R&D expenses grew at a CAGR of 45.88% from 2018 to 2022, with 570 R&D personnel accounting for 31.03% of total employees [3] - The company has established R&D centers in Japan, Changsha, and Wuhan, and acquired 52.64% equity in Bointe to enhance its immunoassay and biochemical diagnostic capabilities [3] - As of 2022, Yihuilong has obtained registration certificates for 150 chemiluminescence diagnostic projects, including 46 autoimmune disease-related projects [33] Market and Industry Insights - The Chinese IVD market is expected to reach RMB 219.8 billion by 2025, with a CAGR of 15.38% from 2020 to 2025, outpacing the overall medical device market [6] - Immunodiagnostics, the largest sub-segment of the IVD market, accounted for 25.9% of the total market in 2020, with a projected CAGR of 15%-20% in the coming years [73] - The 25-province alliance centralized procurement for IVD products is expected to benefit domestic leaders like Yihuilong, with total demand exceeding 700 million units and a total value of over RMB 10 billion [7] Competitive Advantages - Yihuilong is one of the few companies in China capable of providing chemiluminescence diagnostic products for autoimmune diseases, with 46 related diagnostic products [9] - The company has developed 28 reproductive health-related chemiluminescence diagnostic projects, including AMH and INHB, offering comprehensive solutions for fertility health management [9] - Yihuilong's overseas revenue reached RMB 1.733 billion in 2022, with non-COVID-19 self-produced business accounting for 12.15% of overseas revenue [35] Future Outlook - Yihuilong's self-produced business is expected to grow by over 30% in 2025, driven by the high base effect in 2023 and subsequent recovery [36] - The company plans to expand its local presence in key overseas markets, including Saudi Arabia, South Asia, Africa, Latin America, and the CIS region [35] - Yihuilong's valuation is projected at 28-35x PE for 2024, with a target price range of RMB 23.78-29.72, reflecting its leading position in the high-growth chemiluminescence industry [55]