DIRUI(SZ:300396) Huaxin Securities·2024-04-21 01:30Investment Rating - The report maintains a "Buy" rating for the company in 2024 [7] Core Views - The company achieved a significant revenue growth of 55.53% year-on-year in Q1 2024, with total revenue reaching 1.378 billion yuan and a net profit attributable to shareholders of 276 million yuan, marking a 99.60% increase year-on-year [7][8] - The report highlights the company's strong performance in the medical device sector, with a focus on enhancing sales capabilities and expanding into global markets [7] - The company is expected to continue its growth trajectory, with projected revenues of 2.063 billion yuan in 2024, reflecting a growth rate of 49.7% [8] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 1.378 billion yuan, a year-on-year increase of 55.53%, and a net profit of 276 million yuan, up 99.60% year-on-year [7] - The company’s revenue from instrument sales grew by 4.62% in 2023, while reagent sales growth was slower, indicating a need for improvement in reagent performance [7] Market Position and Strategy - The company has established subsidiaries in Thailand, Indonesia, and Russia to promote local production of instruments and reagents, which is expected to drive rapid growth in overseas markets [7] - The report emphasizes the importance of optimizing assessment mechanisms to enhance sales performance and accelerate reagent growth [7] Earnings Forecast - The company is projected to achieve revenues of 2.063 billion yuan in 2024, with net profits expected to reach 402 million yuan, reflecting a growth rate of 45.8% [8] - Earnings per share (EPS) are forecasted to be 1.46 yuan in 2024, with continued growth anticipated in subsequent years [8]