【浩欧博（688656.SH）】过敏自免双轮驱动，制药龙头赋能诊疗协同——投资价值分析报告（王明瑞/黎一江）

Core Viewpoint - The article highlights the steady growth and strategic developments in the domestic allergy testing and immunodiagnostics industry, focusing on a leading company that has shown resilience and innovation in its operations [4][5][6]. Group 1: Company Performance - The company achieved a revenue of 402 million yuan in 2024, reflecting a year-on-year growth of 2.01%, with a net profit attributable to shareholders of 37 million yuan [4]. - The compound annual growth rate (CAGR) of the company's revenue from 2020 to 2024 reached 16%, indicating robust revenue growth in recent years [4]. Group 2: Product and Technology Development - Allergy testing products are the primary revenue source, accounting for 52.7% of total revenue in 2024 [5]. - The company utilizes core technologies such as enzyme-linked immunosorbent assay (ELISA) and chemiluminescence methods, with several well-known product series including "欧博克," "符博克," and "纳博克" [5]. - By the end of 2024, the company had obtained a total of 104 registration certificates for chemiluminescence allergy and autoimmune detection projects [5]. Group 3: Strategic Developments - China National Pharmaceutical Group's acquisition of Haooubo marks a significant milestone as the first case of a Hong Kong-listed company acquiring an A-share listed company, facilitating deep collaboration between the two entities [6]. - The acquisition enables the integration of resources across the entire industry chain, enhancing product development and market expansion, particularly in Southeast Asia [6]. - The partnership aims to create an integrated solution for desensitization treatment, promoting the replacement of imported products in the allergy and immunology sector [6]. Group 4: Market Opportunities - There is a substantial demand for desensitization treatment in China, with current domestic drugs only covering a limited number of allergens, while over 90% of patients are sensitive to multiple allergens [7]. - The company has signed an exclusive agreement with Inmunotek to introduce the "欧脱克" series of desensitization drugs, addressing the urgent need for multi-allergen treatment [7]. - Ongoing international multi-center clinical trials for dual mite products are expected to accelerate the上市 process, filling a gap in the domestic desensitization drug market and enhancing the company's growth and profitability [8].