Vazyme(688105) 东吴证券·2024-05-05 23:30Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [2][20]. Core Insights - The company's revenue for 2023 was 1.286 billion yuan, a decrease of 64% year-on-year, with a net loss attributable to shareholders of 70.96 million yuan. However, the conventional business segment showed resilience with a revenue of 1.252 billion yuan, reflecting a growth of 23.5% [2][20]. - The company is transitioning into a platform-type enterprise with a diversified product portfolio, which is expected to enhance its growth potential in the long term [19][20]. Financial Performance Summary - 2023 Financials: Revenue was 1.286 billion yuan, down 63.97% from 2022. The net profit attributable to shareholders was -70.96 million yuan, with an EPS of -0.18 yuan [18][20]. - 2024 Projections: Expected revenue is adjusted to 1.590 billion yuan, with a projected net profit of 157.91 million yuan, leading to an EPS of 0.39 yuan [20]. - Long-term Outlook: By 2026, revenue is anticipated to reach 2.386 billion yuan, with a net profit of 465 million yuan and an EPS of 1.16 yuan [20]. Business Development Highlights - The company has significantly increased its R&D investment, reaching 340 million yuan in 2023, which is a 15.2% increase, indicating a strong commitment to innovation [19]. - The expansion into overseas markets has begun, with 45.63 million yuan in revenue from international operations in 2023, and further growth is expected in 2024 [19]. - New product developments, particularly in Alzheimer's disease testing and respiratory pathogen detection, are anticipated to drive future revenue growth [19].