公 司 报 告 2025年08月27日 新产业(300832.SZ) 国内市场承压，海外市场表现亮眼 推荐 ( 维持) 股价:57.7元 行情走势图 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 事项： 公司2025H1实现营业收入21.85亿元，yoy-1.18%，实现归母净利润7.71亿 元，yoy-14.62%。单Q2实现营收10.60亿元，yoy-10.88%，实现归母净利润 3.34亿元，yoy-30.06%。 平安观点： 收入增长符合预期，国内市场受DRG/DIP改革和集采等影响短期业绩承 压，海外市场表现亮眼。 国内市场短期承压，长期大客户拓展顺利。2025H1国内市场实现收入 12.29亿元，yoy-12.81%，其中国内试剂业务同比-18.96%，主要受体外 诊断试剂省际联盟采购落地后价格下降，以及DRG/DIP（按病种付费） 政策深入推进导致部分检验项目检测量降低等因素影响；国内仪器业务 收入同比+18.18%，25H1公司延续大客户销售战略，通过高速化学 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300832 证券简称：新产业 公告编号：2025-068 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 控股股东报告期内变更 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制人报告期内变更 □适用 √不适用 公司报告期实际控制人未发生变更。 □适用 √不适用 公司是否具有表决权差异安排 □ ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and market positioning. Core Insights - The company achieved a revenue of 4.535 billion yuan in 2024, representing a year-over-year growth of 15.41%. The net profit attributable to the parent company was 1.828 billion yuan, with a growth of 10.57% year-over-year [1][2] - The increase in the proportion of large machines has been a significant driver for both domestic and international business growth. In the domestic market, revenue reached 2.849 billion yuan, growing by 9.24% year-over-year, while international revenue was 1.686 billion yuan, with a substantial growth of 27.60% year-over-year [2] - The company is focusing on enhancing its product matrix and aims to become a comprehensive laboratory solution provider. Significant investments in R&D have been made to maintain a competitive edge in the high-end luminescence field [2] - The forecast for revenue from 2025 to 2027 is projected to be 5.163 billion yuan, 6.074 billion yuan, and 7.220 billion yuan, with corresponding year-over-year growth rates of 13.8%, 17.7%, and 18.9% respectively [2][3] Financial Summary - In 2024, the total revenue was 4.535 billion yuan, with a year-over-year growth rate of 15.4%. The net profit attributable to the parent company was 1.828 billion yuan, reflecting a growth rate of 10.6% [3] - The gross profit margin is expected to be around 70.4% in 2025, with a projected return on equity (ROE) of 21.2% [3] - Earnings per share (EPS) are forecasted to be 2.56 yuan in 2025, with a price-to-earnings (P/E) ratio of 20.46 [3]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and market positioning [1][2]. Core Insights - The company achieved a revenue of 4.535 billion yuan in 2024, representing a year-over-year growth of 15.41%, with a net profit of 1.828 billion yuan, up 10.57% year-over-year [1][2]. - The increase in the proportion of large machines has been a significant driver for both domestic and international business growth, with domestic revenue reaching 2.849 billion yuan (up 9.24% YoY) and international revenue at 1.686 billion yuan (up 27.60% YoY) [2]. - The company is focusing on enhancing its product matrix and R&D investments to solidify its position as a provider of comprehensive laboratory solutions, with notable advancements in high-end luminescence technology [2]. Financial Performance Summary - In 2024, the company reported total revenue of 45.35 billion yuan, with a net profit of 18.28 billion yuan and a net cash flow from operating activities of 13.56 billion yuan [1][3]. - The projected revenues for 2025, 2026, and 2027 are 51.63 billion yuan, 60.74 billion yuan, and 72.20 billion yuan, respectively, with corresponding net profits of 20.12 billion yuan, 24.29 billion yuan, and 30.28 billion yuan [2][3]. - The gross margin is expected to be around 70.4% in 2025, with a return on equity (ROE) of 21.2% [3].