Core Viewpoint - The company, Zhejiang Oriental Gene Biotech Co., Ltd., reported a slight increase in revenue for 2024, but a significant loss in net profit, primarily due to a decline in domestic sales and a contrasting increase in international sales [1][2]. Revenue Analysis - The company's total revenue for 2024 was 828 million yuan, a year-on-year increase of 0.95%, while the net profit attributable to shareholders was -529 million yuan, a year-on-year increase in loss of 33.06% [1]. - Domestic revenue was 207 million yuan, a decline of 35.7%, while international revenue reached 605 million yuan, an increase of 23.14% [1][2]. - The overall product sales volume decreased by 16.1% in 2024 [1]. Product Sales Breakdown - Domestic sales were primarily from the infectious disease testing series, which accounted for 39.52% of domestic revenue, but saw a volume decrease of 21.70% [1]. - The COVID-19 testing series generated 55.33% of domestic revenue but experienced a significant volume decline of 75.37% [1]. - Internationally, the drug testing series accounted for 49.67% of revenue, with a slight increase in sales volume [1][2]. Customer Analysis - The top domestic customers included new clients from trade and existing clients in infectious disease testing, with significant fluctuations in sales due to the COVID-19 product line [2]. - Internationally, major clients included large chain pharmacies in the U.S. and new clients in Mexico, contributing to the overall revenue growth [2][3]. Cost and Profit Margin - The company's operating costs for 2024 were 554 million yuan, an increase of 21.26%, with direct materials and manufacturing costs rising by 15.91% and 54.36%, respectively [5]. - The gross profit margins for domestic and international sales were 54.26% and 24.07%, respectively, both showing a decline compared to the previous year [5][6]. Market Dynamics - The decline in domestic sales was attributed to a significant drop in COVID-19 product sales, while international sales benefited from acquisitions and new product launches [3][5]. - The company expanded its market presence in Africa and introduced new online sales models, contributing to the increase in international revenue [3][4].

微流控产品打开增量市场，战略布局脑机接口。公司自研的微流控免疫荧光分析系统结合了精准与便 携，具有灵敏度高（可定量检测）、多项目同时检测、操作简单及性价比高等优点，差异化优势有望填 补化学发光难以覆盖市场的空白以及可部分替代免疫荧光检测市场。目前部分心肌标志物检测系列产品 已取得CE 注册备案，我们预计26 年开始贡献收入。此外，公司结合自身资金储备优势，战略布局脑机 接口优质公司-青石永隽，该公司为南湖脑机交叉研究院孵化的首个项目，由浙江大学侵入式脑机接口 团队核心成员创办，基础科学研究扎实。首款产品主要针对难治的重症抑郁症患者，全球抑郁症患者中 重症难治抑郁症患者约占30%，市场潜力较大。 投资建议：我们预计公司2025-2027 年实现营业收入6.02/7.52/9.16 亿元，归母净利润 1.47/1.83/2.24 亿 元。2025-2027 年对应PE 分别为32.10/25.68/20.99 倍。首次覆盖，给予公司"推荐"评级。 风险提示：新品研发及注册不及预期风险、核心产品竞争格局恶化风险、地缘政治导致政策波动风险 等。 深耕POCT 赛道，公司是全球产品布局最齐全的企业之一。公司成立于200 ...