Performance summary: The company achieved revenue of 306 million yuan/ +10.06% in the first quarter of 2024, net profit of 107 million yuan/ +21.69%, net profit of 103 million yuan/ +24.60% after deducting non-return to mother.
In vitro diagnosis: The overall increase has been high, and overseas is particularly impressive. In 24Q1, domestic in vitro diagnosis achieved revenue of 170 million yuan/ +28%, and foreign in vitro diagnosis revenue of 72 million yuan/ +53%. The company focuses on immune cascade assembly lines and luminescence technology, and continues to improve product solutions. In 2023, 20 biochemical reagents and 8 electrochemiluminescence reagent products were certified. The certification and listing of new products strengthened the company's competitiveness, and promoted the company to accelerate domestic substitution and rapid international business growth. 22Q4's electrochemiluminescence immunoanalyzer ECL9000 was certified. It was gradually promoted in 2023 and 2024, and large and small luminescence products cooperated to drive the company into a growth channel.
Treatment and rehabilitation: Deeply involved in optoelectronic medicine and aesthetics, and the product layout continues to expand. 1) Dermatology: Product types cover continuous improvement solutions in various fields such as skin treatment, whitening, hair removal, and hair growth. The 23H1 ultrasound therapy device was certified as the scarce compliant ultrasound instrument on the market, and the product promotion performance was outstanding; the 23H2 intense pulsed light therapy device was certified, forming a more comprehensive skin beauty solution for products such as extracorporeal shock wave therapy devices and ultrasound V Latin America. Furthermore, consumer e-commerce contributions have increased, and new household products such as the company's facemask photonic beauty devices have been introduced repeatedly, boosting the brand's influence. 2) Clinical medicine: Establishing a complete set of solutions in the perioperative field of clinical medicine, continuously upgrading products in the field of pain rehabilitation. Product advantages and technical barriers are remarkable.
The gross margin increased year over year, and the expense ratio remained stable. The gross margin of the 24Q1 company increased 4.00pct year-on-year to 69.99%, and is expected to mainly benefit from the increase in revenue share of high-margin products such as in vitro diagnostic reagents and medical and aesthetic equipment. Sales/management/R&D/finance expenses were 12.80%/4.96%/11.97%/-3.11%, respectively, -0.69/+0.12/+0.20/ -2.29pct. Net profit margin increased by 3.35pct year-on-year to 35.07%.
Investment advice: The company's net profit for 2024/2025/2026 is expected to be RMB 4.19/5.36/683 million yuan, respectively, up 27.5%/27.5% year-on-year. Considering the continuous enrichment and improvement of the products in the company's two major business product lines, the two-wheel drive company's performance has grown steadily and maintained an “gain” rating.
Risk warning: Product development, approval and promotion progress falls short of expectations; in vitro diagnostic equipment collection risks; policy risks and medical accident risks in the medical and aesthetic industry; increased competition in the industry affects sales and profits.