证券研究报告 | 2025年05月13日 新产业（300832.SZ） 优于大市 海外业务成为核心增长驱动，流水线开始成批量装机 2024 年收入同比增长 15%，2025 年一季度收入同比增长 10%。2024 年公司 实现营收 45.35 亿（+15.4%），归母净利润 18.28 亿（+10.6%），扣非归母 净利润 17.20 亿（+11.2%）；其中单四季度营收 11.21 亿（+9.7%），归母 净利润 4.45 亿（-4.7%），在化学发光行业和同行增长承压背景下，公司收 入仍保持稳健增长。2025 年一季度公司实现营收 11.25 亿（+10.1%），归母 净利润 4.38 亿（+2.6%），在同业公司中持续表现优异。 海外业务成为核心增长驱动，流水线开始成批量装机。2024年国内收入28.43 亿（+9.32%），其中试剂收入同比增长 9.87%；国内实现发光仪装机 1641 台， 其中大型机占比 74.65%，公司延续大客户营销策略，通过 X8、X6 和 T8 等大 型仪器持续扩大三级医院客户的覆盖，推动试剂销量稳定增长。海外收入 16.84 亿（+27.67%），其中试剂收入在仪器装机量 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing rapid growth in overseas business and optimizing its global installed structure [5] - Revenue forecasts for 2025-2027 are projected at 51.63 billion, 59.61 billion, and 69.28 billion RMB, with year-on-year growth rates of 13.84%, 15.45%, and 16.22% respectively [6] - Net profit attributable to the parent company for the same period is expected to be 20.12 billion, 23.43 billion, and 27.38 billion RMB, with growth rates of 10.06%, 16.41%, and 16.85% respectively [6] - The current price-to-earnings (P/E) ratios are 21x, 18x, and 15x for the years 2025, 2026, and 2027 [6] Financial Performance Summary - In 2024, the company achieved a revenue of 45.35 billion RMB (yoy +15.41%) and a net profit of 18.28 billion RMB (yoy +10.57%) [8] - For Q1 2025, the company reported a revenue of 11.25 billion RMB (yoy +10.12%) and a net profit of 4.38 billion RMB (yoy +2.65%) [8] - The company’s gross margin for 2024 was 72.26%, a slight decrease of 0.86 percentage points year-on-year, primarily due to an increase in the sales proportion of large and medium-sized instruments [8] - The company plans to continue increasing its investment in chemiluminescence and in vitro diagnostic products, with the launch of higher throughput instruments [8] Market Position and Strategy - The company has established operational systems in 14 core countries overseas, with significant sales growth in the Indian market, which exceeded 200 million RMB in 2024 [8] - The domestic revenue reached 28.43 billion RMB in 2024, with a year-on-year growth of 9.32%, driven by the promotion of high-speed instruments and production lines [8] - The company aims to enhance its market share in large medical institutions, achieving a coverage rate of 44.93% in tertiary hospitals by the end of 2024 [8]