普门科技：IVD与治疗康复齐飞，器械平台型公司启程

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2][20]. Core Insights - The company is positioned as a diversified medical device platform, focusing on in vitro diagnostics (IVD) and rehabilitation treatment, with a strong emphasis on differentiated competition in IVD products [10][55]. - The IVD business generated revenue of 829 million yuan in 2023, showing a year-on-year growth of 10.73%, maintaining over 70% of total revenue [1][11]. - The company’s electrochemical luminescence products are technologically competitive with leading imported brands, targeting both top-tier medical institutions and grassroots testing departments [1][22]. - The treatment and rehabilitation segment, bolstered by optical medical aesthetics, is expected to return to a rapid growth phase, with a revenue forecast of 368 million yuan in 2024, growing at 20.98% [21][106]. Summary by Sections IVD Product Line - The IVD product line is expected to see revenues of 1.08 billion, 1.37 billion, and 1.72 billion yuan from 2024 to 2026, with growth rates of 30.19%, 26.82%, and 26.01% respectively [5][82]. - The company has a clear competitive advantage in clinical and grassroots testing scenarios, with ongoing international registrations enhancing customer maturity [5][82]. Treatment and Rehabilitation Product Line - The treatment and rehabilitation product line is projected to generate revenues of 368 million, 471 million, and 598 million yuan from 2024 to 2026, with growth rates of 20.98%, 27.91%, and 27.05% respectively [21][106]. - The company is expanding its product matrix in medical aesthetics, which is expected to drive significant growth in the treatment and rehabilitation segment [17][105]. Financial Forecast and Valuation - The company’s net profit is forecasted to be 428 million, 545 million, and 692 million yuan for 2024 to 2026, with growth rates of 30.40%, 27.19%, and 27.02% respectively [2][20]. - The current price-to-earnings (PE) ratios are projected at 20, 16, and 12 for the years 2024, 2025, and 2026, respectively, compared to an average PE of 26 for comparable companies [2][20].