HAIER BIOMEDICAL(SH:688139) Huachuang Securities·2024-04-30 07:32Investment Rating - The report maintains a "Recommended" rating for Haier Biomedical (688139) [1] Core Views - Domestic business shows steady growth with Q1 2024 revenue reaching 499 million yuan, a year-on-year increase of 11% and a quarter-on-quarter increase of 80% [1] - Overseas business faces temporary pressure, with Q1 2024 revenue of 186 million yuan, showing a year-on-year decline but a quarter-on-quarter growth of 6% [1] - The Life Sciences segment benefits from laboratory construction opportunities, achieving Q1 2024 revenue of 350 million yuan, a quarter-on-quarter increase of 79% [1] - The Medical Innovation segment sees Q1 2024 revenue of 334 million yuan, a quarter-on-quarter increase of 31%, driven by new infrastructure and public health recovery [1] - Continuous R&D investment supports accelerated development of new industries, with Q1 2024 R&D expenses at 77 million yuan, accounting for 11.25% of total revenue [1] - The company expects net profit for 2024-2026 to be 500 million, 610 million, and 750 million yuan respectively, with corresponding PE ratios of 24, 19, and 16 times [1] Financial Summary - Total revenue for 2023 was 2,281 million yuan, with a year-on-year decline of 20.4% [3] - Projected total revenue for 2024 is 2,776 million yuan, with a year-on-year growth of 21.7% [3] - Net profit for 2023 was 406 million yuan, with a year-on-year decline of 32.4% [3] - Projected net profit for 2024 is 496 million yuan, with a year-on-year growth of 22.2% [3] - The company’s total market value is approximately 11.748 billion yuan [4]