Core Insights - The company reported a decline in revenue and net profit for 2024, with total revenue of 12.196 billion yuan, down 9.04% year-on-year, and a net loss of 357 million yuan, down 216.20% year-on-year [1] - The diagnostic services sector showed a high-quality development trend despite a revenue decline, with significant growth in specific areas such as pathogen infection and hematological oncology [2] - The integration of AI in the ICL industry presents new opportunities, with the company achieving notable advancements in AI-driven healthcare solutions [3] - The overall gross margin decreased, while expense ratios remained stable, leading to a net margin decline [4] - Future revenue and profit forecasts indicate a potential recovery from 2025 to 2027, with expected revenue growth and significant increases in net profit [5] Financial Performance - In 2024, the company achieved total revenue of 12.196 billion yuan, a decrease of 9.04% year-on-year, and a net loss of 357 million yuan, a decline of 216.20% year-on-year [1] - The fourth quarter of 2024 saw revenue of 2.938 billion yuan, down 5.71% year-on-year, and a net loss of 488 million yuan, down 118.49% year-on-year [1] - For Q1 2025, revenue was 2.365 billion yuan, a decrease of 20.45% year-on-year, with a net loss of 21 million yuan, down 190.66% year-on-year [1] Business Segments - The diagnostic services business generated revenue of 4.520 billion yuan, down 12.86% year-on-year, with ICL revenue at 4.173 billion yuan, down 11.55% due to cost control policies [2] - The diagnostic products business reported revenue of 8.134 billion yuan, down 6.36% year-on-year, with channel products at 7.787 billion yuan, down 5.99% [2] - Specific areas within diagnostic services, such as pathogen infection, hematological oncology, and neuroimmunology, experienced revenue growth of 57%, 51%, and 38% respectively [2] Strategic Initiatives - The company aims to become a "technology-driven + data-driven" healthcare big data company, leveraging AI to enhance its offerings in the ICL industry [3] - The company has made significant strides in AI, completing the first industry data standard in the pathology AI field and assisting in the interpretation of over 3 million diagnostic reports [3] - The launch of two data element products on the Hangzhou Data Exchange by the end of 2024 indicates progress in data product safety and compliance [3] Profitability Metrics - The overall gross margin for 2024 decreased by 3.28 percentage points to 28.01%, primarily due to industry impacts on diagnostic services [4] - The net margin for 2024 declined by 5.73 percentage points to -1.39% [4] - In Q4 2024, the gross margin was 27.90%, with a net margin of -16.06% [4] Future Outlook - Revenue projections for 2025-2027 are 12.589 billion, 13.201 billion, and 14.114 billion yuan, with year-on-year growth rates of 3%, 5%, and 7% respectively [5] - Expected net profits for the same period are 435 million, 729 million, and 913 million yuan, reflecting growth rates of 222%, 68%, and 25% [5]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to negative impacts from medical anti-corruption policies and increased market competition, but there are signs of gradual recovery in cash flow management and operational efficiency [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 12.196 billion yuan, a year-on-year decrease of 9.04%, and a net profit attributable to shareholders of -357 million yuan, a decline of 216.20% [1]. - The fourth quarter of 2024 saw operating revenue of 2.938 billion yuan, down 5.71% year-on-year, with a net profit of -488 million yuan, a decrease of 118.48% [1]. - The company's gross profit margin was 28.01%, down 3.27 percentage points year-on-year, while the net profit margin was -1.39%, a decline of 5.73 percentage points [2]. Operational Efficiency - The company optimized its operational management, with a sales expense ratio of 9.98%, down 0.33 percentage points, and a management expense ratio of 7.04%, down 0.02 percentage points [2]. - The net cash flow from operating activities in Q4 2024 was 1.153 billion yuan, significantly improved from 333 million yuan in Q3 2024, indicating better management of accounts receivable [2]. Business Segments - The diagnostic services segment generated revenue of 4.520 billion yuan, a decrease of 12.86%, with the ICL business contributing 4.173 billion yuan [3]. - The company focused on high-end specialty testing, with specialty testing revenue of 1.822 billion yuan, accounting for 40.31% of diagnostic services revenue, and significant growth in pathogen infection (57%), hematological oncology (51%), and neuroimmunology (38%) [3]. Product Development - The product business revenue was 8.134 billion yuan, down 6.36%, with self-owned product revenue at 347 million yuan, a decline of 13.90% [4]. - The company is advancing its AI capabilities, having completed the first industry data standard in the pathology AI field and implemented AI solutions in nearly 30 top-tier hospitals [4]. Future Outlook - Revenue projections for 2025-2027 are 12.381 billion yuan, 13.117 billion yuan, and 13.935 billion yuan, with expected growth rates of 2%, 6%, and 6% respectively [5]. - The company anticipates a recovery in the ICL business and improvements in cash flow management, maintaining a buy rating based on the potential for rapid recovery in core business areas and expansion in AI applications [5].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0344 | 0.0371 | -192.72 | 0.2557 | | 每股净资产（元） | 10.47 | 11.96 | -12.46 | 12.07 | | 每股公积金(元) | 2.93 | 3.01 | -2.66 | 3.05 | | 每股未分配利润(元) | 6.41 | 7.76 | -17.4 | 7.95 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 23.65 | 29.73 | -20.45 | 32.32 | | 净利润(亿元) | -0.21 | 0.23 | -191.3 | 1.6 | | 净资产收益率(%) | -0.32 | 0.31 | -203.23 | 2.14 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 11003.92万股，累计占流通股比： 21.95%，较上期 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 迪安诊断(300244) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 特检占比持续提升，数智化提升运营 能力 夯实产品能力，ICL 实现 17%稳健增长 特检业务快速增长，自产产品拿证加 速 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 业绩短期承压，检验业务呈现高质量发展 [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司发布 ummary] 2024 年年报，2024 年实现营业收入 121.96 亿元（yoy- 9.04%），归母 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 迪安诊断(300244) 投资评级 [Table_Title] 业绩短期承压，检验业务呈现高质量发展 [Table_ReportDate] 2025 年 04 月 28 日 [Table_S 事件：公司发布 ummary] 2024 年年报，2024 年实现营业收入 121.96 亿元（yoy- 9.04%），归母净利润-3.57 亿元（yoy-216.20%），扣非归母净利润-3.80 亿元（yoy-228.96%），经营活动产生的现金流量净额 12.07 亿元（yoy- 37.16%）。其中 2024Q4 实现营业收入 29.38 亿元（yoy-5.71%），归母净 利润-4.88 亿元（yoy-118.49%）。 点评： 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.c ...

近日，癌症早期检测公司 Dxcover 宣布已成功完成 620 万美元（约合4519万人民币） 的 B轮融资 。 公司的核心技术与产品为 Dxcover PANAROMIC 平台 ，这是一种基于多组学光谱分析（ MOSA-Dx™ ）技术，通过 红外光谱 和 人工智能算法 分析血清样 本，可在一天内完成检测，识别早期癌症（I期和II期）及其前驱病变。 与传统液体活检方法不同，该技术不仅依赖肿瘤DNA，还利用循环全组学生物标志物进行检测，能够更早发现癌症。 其特点如下： 1. 全面的多组学分析 与通常关注循环肿瘤 DNA （ctDNA） 等特定生物标志物的传统液体活检不同，MOSA-Dx™ 分析血液样本的整个分子组成。这包括 非遗传生物标志物 ，这 些生物标志物经常被其他方法所忽视。 通过将傅里叶变换红外 （FTIR） 光谱与 AI 驱动的机器学习算法相结合，Dxcover 捕获更广泛的生化信号，从而能够更早、更准确地检测癌症。 本轮融资由 Eos Advisory 和 SIS Ventures 等现有投资者以及 Macmillan Cancer Support 和 Maven Capital Partners ...