Vazyme(688105) Southwest Securities·2024-05-14 13:30Investment Rating - The report assigns a "Hold" rating for the company, indicating that the stock is expected to perform within a range of -10% to 10% relative to the market index over the next six months [9]. Core Views - The company's conventional business continues to grow, while new products in various fields are poised for development. The revenue from conventional business is expected to see rapid growth despite fluctuations in related testing reagent sales impacting overall performance [2][35]. - In 2023, the company reported a revenue of 1.29 billion yuan, a year-on-year decrease of 64%, with a net profit attributable to the parent company of -70.96 million yuan, down 111.9% year-on-year. The first quarter of 2024 showed a slight revenue decline of 0.2% year-on-year, but net profit increased by 110.3% [11][12]. Summary by Sections Financial Performance - In 2023, the company achieved quarterly revenues of 300 million yuan in Q1, 270 million yuan in Q2, 300 million yuan in Q3, and 420 million yuan in Q4. The gross profit margin for 2023 was 71%, an increase of 2.2 percentage points year-on-year [2]. - The company recorded a net profit of -5.062 million yuan in Q1, -3.047 million yuan in Q2, 4.70 million yuan in Q3, and 5.43 million yuan in Q4 [2]. - The company expects to see improvements in profitability as revenue grows, despite a 1.4 billion yuan impairment loss recorded in 2023, primarily due to inventory write-downs related to testing reagents [2]. Revenue Forecast - The company forecasts revenues for 2024-2026 as follows: 1.29 billion yuan in 2024, 1.62 billion yuan in 2025, and 2.64 billion yuan in 2026, with respective growth rates of 25.85%, 27.46%, and 27.94% [12][13]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.19 yuan, 0.74 yuan, and 1.30 yuan, with corresponding price-to-earnings (PE) ratios of 152, 38, and 22 [12][13]. Product Development - The company has launched a series of Alzheimer's disease testing reagents and is collaborating with partners to promote these products. Additionally, the company is advancing its microfluidic testing product development and has completed key technology implementations [35][36]. - The company is expected to grow into a comprehensive life sciences platform enterprise, with a focus on multiple innovative product lines [35].