事件:公司发布2024年年度报告及2025年一季度报告。2024年实现营业收入20.12亿元(2.0296),归母净利 润3.02亿元(-15.06%6)扣非净利润2.87亿元(+30.84%)，经营性现金流5.30亿元。2024年04实现营业收入 6.18亿元(+21.57%)，归母净利润0.83亿元(+18.43%6)，扣非净利润0.80 亿元(+76.60%)2025年01实现营业 收入4.18亿元(-3.13%)，归母净利润0.10亿元(-84.6396)，扣非净利润0.37亿元(-35.44%6)，经营性现金流 0.06亿元。 保持高水平研发投入，自主产品解决方案愈发丰富。2024年公司研发投入3.38亿元(+3.84%)，占营业收 入比例16.80%;202501公司研发投入0.67亿元(-20.56%6)，占营业收入比例16.08%。2024年公司自主研发 的iBC2000全自动生化分析仪国内注册获批及国际CE注册获证，其速度可达2000T/h，[SE离子枪测模块 可同时测试三项，最高速度达成1200T/h:试剂方面，2024年公司在自身免疫性肝病、天疱疮、不孕不 育、抗磷脂综合征、高血压等新增 ...

1）中金企信国际咨询（全称：中金企信（北京）国际信息咨询有限公司）为国家统计局涉外调查许可单位&AAA企业信用认证机构，致力于"为企业战略 决策提供行业市场占有率认证&证明、产品认证&证明、国产化率（认证&报告）、项目可行性&商业计划书专业解决方案"的专业咨询顾问机构。 （1）免疫诊断定义：免疫诊断是以免疫学为基础，利用抗原抗体之间的特异性免疫反应来测定免疫状态、检测各种疾病的诊断方法，通过对抗原或抗体 与各种能够通过放射性、光电等原理定量的物质如放射性元素、酶、吖啶酯等相结合，然后利用抗原与抗体间的高效结合对人体内的抗体或抗原进行定量 测试，被用于检测蛋白质、激素等微量物质，以及肝炎、性病、肿瘤、代谢、心血管疾病、传染病以及优生优育诊疗等。 （2）免疫诊断技术发展分类和市场规模：免疫诊断技术的发展先后经历了同位素放射免疫（RIA）、胶体金、酶联免疫（ELISA）、时间分辨荧光 （TRFIA）、化学发光（CLIA）等技术的演进。 | 技术 | 度 利用放射性同位素标记抗 | 特点 | 应用领域 | 应用现状 | | --- | --- | --- | --- | --- | | | 原或抗体,然后与被测抗体 ...

[Table_StockNameRptType] 亚辉龙（688575） 公司点评 发光业务增速亮眼，特色项目和国际化驱动增长 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-05-03 | | | [Table_BaseData] 收盘价（元） | | 14.34 | | 近 12 个月最高/最低（元） | 28.27/13.95 | | | 总股本（百万股） | | 570 | | 流通股本（百万股） | | 570 | | 流通股比例（%） | | 100.00 | | 总市值（亿元） | | 82 | | 流通市值（亿元） | | 82 | [公司价格与沪深 Table_Chart] 300 走势比较 -50% -31% -11% 9% 28% 4/24 7/24 10/24 1/25 亚辉龙 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com [Table_Author] 分析师：钱琨 执业证书号：S0010524110002 邮 ...

<<亚辉龙点评报告：Q3 业绩阶段性承 压，发光收入仍保持高增长>>-- 2024-11-08 <<亚辉龙点评报告：自产发光业务靓 丽，高端机型占比提升>>--2024-04- 24 2025 年 04 月 30 日 公司点评 买入/维持 亚辉龙(688575) 昨收盘:14.19 亚辉龙点评报告：化学发光业务亮眼，国内外装机快速推进 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 5.7/5.7 | | --- | --- | | 总市值/流通(亿元) | 80.94/80.94 | | 12 个月内最高/最低价 | 28.27/13.95 | | (元) | | 相关研究报告 <<亚辉龙点评报告：自产发光业务收 入超预期快速增长，推出股票激励挑 战更高目标>>--2023-11-05 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理：李啸 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's performance in 2024 met expectations, with a revenue of 4.535 billion yuan (up 15.41% year-on-year) and a net profit of 1.828 billion yuan (up 10.57% year-on-year). The growth is steady and aligns with forecasts [5] - In Q1 2025, the company achieved a revenue of 1.125 billion yuan (up 10.12% year-on-year) and a net profit of 438 million yuan (up 2.65% year-on-year). The domestic performance faced pressure due to inter-provincial alliance procurement policies, while overseas business continued to grow steadily [5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 2.049 billion yuan, 2.488 billion yuan, and 3.004 billion yuan for 2025, 2026, and 2027 respectively [5] - The company's overseas revenue reached 1.684 billion yuan in 2024 (up 27.67% year-on-year), accounting for 37% of total revenue, indicating strong growth in international markets [7] Financial Summary - In 2024, the company reported total revenue of 4.535 billion yuan, with a year-on-year growth of 15.4%. The net profit for the same year was 1.828 billion yuan, reflecting a growth of 10.6% [8] - The projected revenues for 2025, 2026, and 2027 are 5.126 billion yuan, 6.150 billion yuan, and 7.380 billion yuan respectively, with expected year-on-year growth rates of 13.0%, 20.0%, and 20.0% [8] - The company's gross margin is projected to be 71.0% in 2025, with a slight increase to 71.9% by 2027 [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing rapid growth in overseas business and optimizing its global installed structure [5] - Revenue forecasts for 2025-2027 are projected at 51.63 billion, 59.61 billion, and 69.28 billion RMB, with year-on-year growth rates of 13.84%, 15.45%, and 16.22% respectively [6] - Net profit attributable to the parent company for the same period is expected to be 20.12 billion, 23.43 billion, and 27.38 billion RMB, with growth rates of 10.06%, 16.41%, and 16.85% respectively [6] - The current price-to-earnings (P/E) ratios are 21x, 18x, and 15x for the years 2025, 2026, and 2027 [6] Financial Performance Summary - In 2024, the company achieved a revenue of 45.35 billion RMB (yoy +15.41%) and a net profit of 18.28 billion RMB (yoy +10.57%) [8] - For Q1 2025, the company reported a revenue of 11.25 billion RMB (yoy +10.12%) and a net profit of 4.38 billion RMB (yoy +2.65%) [8] - The company’s gross margin for 2024 was 72.26%, a slight decrease of 0.86 percentage points year-on-year, primarily due to an increase in the sales proportion of large and medium-sized instruments [8] - The company plans to continue increasing its investment in chemiluminescence and in vitro diagnostic products, with the launch of higher throughput instruments [8] Market Position and Strategy - The company has established operational systems in 14 core countries overseas, with significant sales growth in the Indian market, which exceeded 200 million RMB in 2024 [8] - The domestic revenue reached 28.43 billion RMB in 2024, with a year-on-year growth of 9.32%, driven by the promotion of high-speed instruments and production lines [8] - The company aims to enhance its market share in large medical institutions, achieving a coverage rate of 44.93% in tertiary hospitals by the end of 2024 [8]