呼吸道检测试剂

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圣湘生物:检测试剂收入增长63%,内生+外延打造诊疗闭环-20250505
Xinda Securities· 2025-05-05 08:23
Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The demand for respiratory testing reagents has surged, leading to a 63% year-on-year increase in testing reagent revenue. In 2024, the company achieved a revenue of 1.458 billion yuan, representing a year-on-year growth of 44.78%. The rapid growth in reagent business is primarily driven by the increase in respiratory testing reagents [2][3] - The company is actively pursuing a dual strategy of "internal research" and "external expansion" to enrich its product matrix and create a closed-loop diagnosis and treatment system. This includes launching innovative products and making strategic investments in various fields [2][3] - The company is expected to achieve revenues of 2.025 billion yuan, 2.467 billion yuan, and 2.971 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.9%, 21.8%, and 20.4% [3][4] Financial Summary - In 2024, the company reported a total revenue of 1.458 billion yuan, with a net profit attributable to the parent company of 276 million yuan, reflecting a year-on-year decrease of 24.23%. However, the net profit excluding non-recurring items increased by 182.25% to 202 million yuan [1][2] - The gross profit margin improved to 77.91% in 2024, up by 6.37 percentage points year-on-year, indicating enhanced profitability due to the higher proportion of high-margin reagent revenue [2][4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.63 yuan, 0.86 yuan, and 1.10 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 31, 23, and 18 [3][4]
圣湘生物(688289):检测试剂收入增长63%,内生+外延打造诊疗闭环
Xinda Securities· 2025-05-05 06:33
Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The demand for respiratory testing reagents has surged, leading to a 63% year-on-year increase in testing reagent revenue. In 2024, the company achieved a revenue of 1.458 billion yuan, representing a year-on-year growth of 44.78%. The rapid growth in reagent business is primarily driven by the increase in respiratory testing reagents [2][3] - The company is actively pursuing a dual strategy of "internal research" and "external expansion" to enrich its product matrix and create a closed-loop diagnosis and treatment system. This includes launching innovative products and making strategic investments in various fields [2][3] - The company is expected to achieve revenues of 2.025 billion yuan, 2.467 billion yuan, and 2.971 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.9%, 21.8%, and 20.4% [3][4] Financial Summary - In 2024, the company reported a net profit attributable to shareholders of 276 million yuan, a decrease of 24.23% year-on-year, while the net profit excluding non-recurring items was 202 million yuan, an increase of 182.25% year-on-year [1][2] - The gross profit margin improved to 77.91% in 2024, up by 6.37 percentage points year-on-year, indicating enhanced profitability due to the higher proportion of high-margin reagent revenue [2][4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.63 yuan, 0.86 yuan, and 1.10 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 31, 23, and 18 [3][4]
圣湘生物(688289):呼吸道检测持续高增长,并购拓展成长边界
Huaan Securities· 2025-05-04 12:46
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant revenue growth in respiratory testing, with a reported revenue of 1.458 billion yuan in 2024, representing a year-on-year increase of 44.78% [4][5] - The net profit attributable to shareholders for 2024 was 276 million yuan, showing a decline of 24.23%, while the non-recurring net profit increased by 182.25% to 202 million yuan [4][5] - The company is expanding its business through acquisitions, including the purchase of 100% of Zhongshan Haiji, which enhances its capabilities in the growth hormone sector [6] - The company is focused on improving its profitability, with a decrease in sales, management, and R&D expense ratios in 2024 compared to 2023 [7][8] Financial Performance Summary - In 2024, the company achieved an operating income of 1.458 billion yuan, with a gross profit margin of 77.9% [11] - The projected revenues for 2025-2027 are 2.249 billion yuan, 2.834 billion yuan, and 3.465 billion yuan, with year-on-year growth rates of approximately 54.2%, 26.0%, and 22.3% respectively [9] - The net profit attributable to shareholders is expected to reach 494 million yuan, 619 million yuan, and 777 million yuan for the years 2025-2027, with growth rates of 79.3%, 25.3%, and 25.5% respectively [9] - The earnings per share (EPS) for 2025-2027 are projected to be 0.85 yuan, 1.07 yuan, and 1.34 yuan, with corresponding price-to-earnings (P/E) ratios of 23x, 19x, and 15x [9]
圣湘生物:呼吸道检测持续高增长,并购拓展成长边界-20250504
Huaan Securities· 2025-05-04 12:23
1 圣湘生物( [Table_StockNameRptType] 688289) 公司点评 呼吸道检测持续高增长,并购拓展成长边界 | 投资评级:买入(维持) [Table_Rank] | | | | --- | --- | --- | | 报告日期: | 2025-05-04 | | | [Table_BaseData] 收盘价(元) | | 19.81 | | 近 12 个月最高/最低(元) | | 26.36/16.44 | | 总股本(百万股) | | 579 | | 流通股本(百万股) | | 579 | | 流通股比例(%) | | 100.00 | | 总市值(亿元) | | 115 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -13% 4% 20% 37% 5/24 8/24 11/24 2/25 圣湘生物 沪深300 1.【华安医药】公司点评:圣湘生物 (688289):业绩持续高增长,呼吸 道感染检测竞争力强 2024-10-30 主要观点: [➢Table_Summary] 事件: 公司公告 2024 年年报及 2025 年一季报。2024 年,公司实现营 ...