Core Insights - The company achieved a revenue of 4.535 billion yuan in 2024, representing a year-on-year increase of 15.41%, and a net profit attributable to shareholders of 1.828 billion yuan, up 10.57% year-on-year [1] - The company plans to distribute a cash dividend of 13 yuan per 10 shares (tax included) to all shareholders [1] Domestic Market Performance - In 2024, the domestic market generated a revenue of 2.843 billion yuan, reflecting a year-on-year growth of 9.32% [2] - The company continued its large customer marketing strategy, promoting high-throughput chemiluminescence immunoassay analyzers MAGLUMI X8 and MAGLUMI X6, and the automated line product SATLARS T8 [2] - The company installed 1,641 chemiluminescence immunoassay analyzers in domestic markets, with large machine installations accounting for 74.65% [2] - By the end of 2024, the company’s products served 1,732 tertiary hospitals, achieving a coverage rate of 44.93% [2] - Domestic reagent business revenue grew by 9.87% year-on-year despite price pressures from inter-provincial alliance procurement [2] - In Q1 2025, domestic market revenue showed a slight increase of 0.11% year-on-year due to the impact of procurement policies [2] International Market Performance - In 2024, the overseas market achieved a revenue of 1.684 billion yuan, marking a year-on-year increase of 27.67% [3] - The reagent business grew by 26.47% year-on-year, driven by increased instrument installations [3] - The company has established a significant overseas brand advantage through localized operations and has set up subsidiaries in Indonesia, Malaysia, Thailand, and a representative office in Vietnam [3] - By early 2025, the company successfully established a subsidiary in South Korea, and has operational systems in 14 core countries [3] - The sales revenue in the Indian market surpassed 200 million yuan in 2024, indicating a shift from regional expansion to in-depth management [3] - In Q1 2025, overseas business continued to grow steadily, with a year-on-year revenue increase of 27.03% [3] Product Development and Innovation - The flagship model MAGLUMI X8 continues to lead the market, with annual sales/installations of 1,048 units in 2024, bringing the total installations to 3,701 units [4] - The company launched the higher throughput MAGLUMI X10 in February 2024, enhancing user experience for medical terminals [4] - The company offers 224 types of chemiluminescence immunoassay reagents globally, with 198 having EU market access [4] - The SATLARS T8 fully automated laboratory line was successfully launched in June 2024, achieving 87 installations in its first year [4] - The company has made significant breakthroughs in small molecule testing, launching 12 new dual-antibody sandwich method reagents [4] Future Outlook - The company maintains a "recommended" rating, focusing on the in vitro diagnostic field and expanding both domestic and international markets [5] - Despite pressures from procurement policies, the company expects EPS for 2025-2027 to be 2.69, 3.32, and 4.10 yuan respectively [5] - The company anticipates that strong installation numbers and an increasing share of mid-to-large machines will drive reagent volume growth [5]