Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on future growth potential [1]. Core Viewpoints - The company reported a slight decline in revenue for 2024, with total revenue of 471 million yuan, down 5.33% year-over-year, and a net profit of 21 million yuan, down 46.85% year-over-year. However, the revenue structure has been optimized, with significant growth in self-produced products, pathology co-construction, and digital products [1][3]. - The company is focusing on enhancing its research and development efforts, particularly in AI and digital pathology, which is expected to improve operational efficiency and diagnostic accuracy. The product matrix is continuously expanding, indicating strong future growth potential [3][4]. - Revenue forecasts for 2025-2027 are optimistic, with expected revenues of 528 million, 610 million, and 710 million yuan, representing year-over-year growth rates of 12.2%, 15.5%, and 16.4%, respectively. Net profit is projected to increase significantly during this period [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 471 million yuan, a decrease of 5.33% from the previous year. The net profit was 21 million yuan, down 46.85% year-over-year. The gross profit margin for 2024 was 67.23%, a slight decline of 1.26 percentage points [1][4]. - The company’s revenue structure has improved, with notable growth in immunohistochemistry (IHC) and fluorescence in situ hybridization (FISH) businesses, which grew by 21.48% and 20.83% year-over-year, respectively. Digital products saw an impressive growth of 80% [3][4]. Research and Development - The company is heavily investing in R&D, focusing on a comprehensive digital pathology diagnostic layout that includes reagents, equipment, and AI. The liquid-based cytology platform has achieved full automation, and the AI-assisted diagnostic products are nearing clinical trial completion [3][4]. Future Projections - The company anticipates revenue growth from 528 million yuan in 2025 to 710 million yuan in 2027, with corresponding net profits expected to rise from 39 million yuan to 65 million yuan during the same period [4].

Core Viewpoint - Anbiping's 2024 annual report indicates a slight decline in revenue but significant improvements in business quality and structure, with a focus on digital pathology solutions integrating AI technology [1][2]. Group 1: Financial Performance - In 2023, Anbiping achieved a revenue of 471 million yuan, a year-on-year decrease of 5.33%, primarily due to a 31.28% drop in sales from externally sourced products [1]. - The revenue from self-developed products continues to increase, indicating a shift in the company's revenue structure [1]. Group 2: Business Development - Anbiping has established four main business areas: tumor screening, tumor diagnosis, digital pathology, and pathology services, with a strong emphasis on tumor screening and precision diagnosis [2]. - The company reported over 20% year-on-year growth in revenue from immunohistochemistry (IHC) and fluorescence in situ hybridization (FISH) products, with digital pathology product revenue increasing by 80% [2]. Group 3: Research and Innovation - Anbiping invested 60.06 million yuan in R&D, accounting for 12.76% of its revenue, focusing on digital pathology and tumor companion diagnostic reagent development [2]. - The company has upgraded its digital slice scanning system to meet diverse needs from primary to tertiary hospitals, and is advancing the registration of AI-assisted cervical cancer screening products [2]. Group 4: Market Strategy - In 2024, Anbiping's digital technology has been commercialized at the grassroots medical level, with a 90% year-on-year increase in co-construction business revenue and partnerships with 60 hospitals [3]. - The company aims to address the shortage of pathologists in grassroots settings by transforming the diagnostic model from external to internal, enhancing clinical diagnostic capabilities [3]. Group 5: AI and Future Prospects - The AI pathology sector is expected to grow significantly, particularly in cancer diagnosis, driven by advancements in digital imaging and AI algorithms [4]. - Anbiping has attracted attention from 264 institutions for its AI and overseas business strategies, focusing on enhancing internal processes and product capabilities through AI [4].

(原标题：营收结构优化安必平病理诊断AI方案积蓄增长势能) 4月21日晚间，安必平(688393)2024年年度报告发布,尽管面临行业政策调整与市场竞争加剧的双重挑 战，安必平以"试剂+设备+数字化+人工智能"的全链条病理诊断数智化解决方案为核心，通过优化收入 结构、深化研发创新、拓展新兴市场，在业务质量提升与长期竞争力构建上取得突破性进展，为未来可 持续发展奠定基础。 为响应国家分级诊疗政策，公司以病理科共建业务为支点，深度参与医疗资源下沉。通过"远程病理 +数智化产品+医学检验所"的三位一体模式，公司将基层医院传统的外送检测转化为高效的院内诊断， 全年共建业务收入同比增长90%，合作医院达60家，并与23家医联体及专科联盟达成协议。这一模式不 仅解决基层病理医生短缺痛点，更通过区域病理中心、宫颈癌筛查中心等多样化服务组合，形成差异化 竞争优势。尽管前期投入导致短期利润承压，但其带来的客户黏性与数据积累，将成为未来业绩放量的 关键基石。 在病理数智化领域，公司完成数字切片扫描系统产品线全面升级，覆盖从基层到三甲医院的差异化需 求。宫颈细胞学AI辅助诊断产品的多中心临床研究数据发表于国际权威期刊《Modern ...