迪安诊断技术集团股份有限公司的主营业务是致力于为各类综合医院与专科医院、社区卫生服务中心 (站)、乡(镇)卫生院、体检中心、疾病预防控制中心等各级医疗机构提供以疾病为导向的体外诊断产品 及医学检测服务,以满足就医者的综合临床诊疗需求。公司的主要产品是诊断服务、渠道产品、自产产 品、其他。 最新一期业绩显示，2025年一季报，公司实现营业收入23.65亿元，同比-20.45%；净利润-21005565.65 元，同比-190.66%，销售毛利率26.39%。 6月5日，迪安诊断今日收盘15.32元，上涨2.34%，最新市净率1.46，创16天以来新低，总市值95.75亿 元。 截至2025年一季报，共有11家机构持仓迪安诊断，其中基金7家、QFII2家、其他2家，合计持股数 5522.63万股，持股市值8.77亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)12迪安诊断-23.85-26.801.4695.75亿行业平均 40.8246.973.46158.62亿行业中值45.9353.092.7358.93亿1润达医疗-291.25192.732.51106.54亿2何氏眼 科-154.63-1 ...

Group 1 - The core viewpoint of the news is that Dian Diagnostics has experienced a significant decline in both revenue and net profit in the first quarter of 2025, indicating potential challenges for the company [1] - As of the first quarter of 2025, Dian Diagnostics reported a revenue of 2.365 billion yuan, a year-on-year decrease of 20.45%, and a net profit loss of approximately 21 million yuan, a year-on-year decline of 190.66% [1] - The company's latest closing stock price was 14.25 yuan, down 3.46%, with a market-to-book ratio of 1.36 and a total market capitalization of 8.906 billion yuan [1] Group 2 - Dian Diagnostics is primarily engaged in providing disease-oriented in vitro diagnostic products and medical testing services to various healthcare institutions, including hospitals and community health service centers [1] - The company has 11 institutional investors holding a total of 55.2263 million shares, with a combined market value of 877 million yuan [1] - The average price-to-earnings (PE) ratio for the industry is significantly higher at 37.94 compared to Dian Diagnostics' PE ratio of -22.18, indicating a potential undervaluation relative to industry peers [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, attributed to external policy impacts and operational challenges, while also highlighting ongoing efforts to optimize operations and improve cash flow management [1][2][3] Financial Performance - In Q1 2025, the company achieved revenue of 2.365 billion yuan, a year-on-year decrease of 20.45% [1] - The net profit attributable to shareholders was -21 million yuan, a year-on-year decline of 190.66% [1] - The gross profit margin was 26.39%, an increase of 0.87 percentage points year-on-year, while the net profit margin was 0.18%, a decrease of 2.39 percentage points year-on-year [1] Business Segment Analysis - Diagnostic services revenue was 798 million yuan, down 30.55% year-on-year, primarily due to external policy factors [2] - Revenue from channel agency products was 1.576 billion yuan, a decrease of 15.13% year-on-year, impacted by centralized procurement [2] - Self-owned product revenue was 83 million yuan, an increase of 9.21% year-on-year, driven by the growth of specialty products [2] Cash Flow and Receivables Management - As of the end of Q1 2025, accounts receivable and notes totaled 7.477 billion yuan, a decrease of 999.8 million yuan year-on-year [2] - The net operating cash flow was -169 million yuan, an increase of 98 million yuan year-on-year, indicating improved cash flow management [2] Strategic Initiatives - The company is advancing its "digital + automation + AI" business model, forming strategic partnerships with major players like BGI and Ant Group to enhance capabilities in precision medicine and AI applications [3] - The focus on AI and digital transformation positions the company at the forefront of industry innovation [3] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 12.381 billion, 13.117 billion, and 13.935 billion yuan, with expected year-on-year growth rates of 2%, 6%, and 6% respectively [3] - Forecasted net profit attributable to shareholders for the same period is 429 million, 738 million, and 930 million yuan, with growth rates of 220%, 72%, and 26% respectively [3]

事件：近日，公司发布2024 年年度报告：2024 年实现营业收入121.96亿元，同比下降9.04%；归母净利 润-3.57 亿元，同比下降216.20%，主要系资产、信用减值影响；扣非归母净利润-3.80 亿元，同比下降 228.96%。 2024 年底，公司在杭州数据交易所上市两款数据要素产品，表明在数据产品的安全、合规方面通过了 审核和认可。 毛利率短暂调整，费用率保持稳定 2024 年，公司的综合毛利率同比降低3.28pct 至28.01%，主要系诊断服务受行业影响致使毛利率调整。 销售费用率、管理费用率、研发费用率、财务费用率分别为9.98%、7.04%、2.51%、1.62%，同比变动 幅度分别为-0.34pct、-0.02pct、-0.72pct、-0.03pct。综合影响下，公司整体净利率同比降低5.73pct 至-1.39%。 2024 年第四季度的综合毛利率、销售费用率、管理费用率、研发费用率、财务费用率、整体净利率分 别为27.90%、11.61%、10.61%、2.74%、1.57%、-16.06%，分别变动+1.66pct、-4.33pct、 +1.10pct、-0.86pct、- ...

事件：公司发布2024 年年度报告，2024 年公司实现营业收入121.96 亿元，同比下降9.04%；归母净利 润-3.57 亿元，同比下降216.20%；扣非归母净利润-3.80 亿元，同比下降228.96%。 分季度来看：公司2024 年单四季度实现营业收入29.38 亿元，同比下降5.71%，实现归母净利润-4.88 亿 元，同比下降118.48%，实现扣非归母净利润-5.14 亿元，同比下降174.33%。受医疗反腐、DRG 等负面 政策影响，公司单季度收入同比下降，但较Q3下降幅度收窄，负面逐步出清，利润层面下滑明显，主 要受新冠应收减值以及出于审慎原则对部分子公司商誉进行计提的影响。 运营管理效能不断优化，减值计提等影响当期盈利能力。2024 年公司销售费用率9.98%，同比下降 0.33pp，管理费用率7.04%，同比下降0.02pp，财务费用率1.62%，同比下降0.02pp，研发费用率2.51%， 同比下降0.72pp，公司持续优化资源配置效率，强化精细运营管理，期间费用率稳步下降。2024 年公司 毛利率为28.01%，同比下降3.27pp，主要是医疗反腐、市场竞争加剧等影响，净利率-1 ...

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 ...