普门科技：糖化逐蒂落，医美待花开

Investment Rating - The report assigns a "Buy" rating to the company with a target price of RMB 23.08 [16][17]. Core Insights - The company specializes in in vitro diagnostic instruments and reagents, as well as rehabilitation treatment devices, with a dual focus on IVD and aesthetic medicine [17][27]. - The HbA1c testing market in China is primarily dominated by imported brands, indicating significant potential for domestic alternatives [2][16]. - The company has successfully mastered the core technology of High-Performance Liquid Chromatography (HPLC) for HbA1c testing, which is recognized as the gold standard [25][39]. Summary by Sections HbA1c Testing Market - The HPLC method is the mainstream testing methodology for HbA1c, with a 70.1% usage rate among participating laboratories in China [1]. - The global HbA1c testing market is projected to grow from USD 2.3 billion in 2023 to USD 4.7 billion by 2032, with a CAGR of 9% [16][39]. - The company estimates that the HbA1c testing reagent market in China was approximately RMB 1.4 billion in 2021, with a significant portion of testing still reliant on imported brands [16][39]. Product Development and Market Position - The company has developed a comprehensive range of products, including the H100 and H100Plus high-end models, which are positioned for import substitution in both domestic and international markets [25][39]. - The report highlights the company's advanced methodologies and compliance advantages in the aesthetic medicine sector, particularly with its ultrasound V La Mei technology [8][27]. Financial Projections - The company anticipates a CAGR of 33% for HbA1c testing revenue from 2024 to 2026 [16]. - The projected EPS for 2024, 2025, and 2026 is RMB 0.96, RMB 1.21, and RMB 1.52, respectively, reflecting a growth rate of 25% to 26% [17][29]. Competitive Landscape - The report notes that the chemical luminescence market is rapidly expanding, with the company positioned to benefit from domestic substitution opportunities [41]. - The company has established a strong presence in the aesthetic medicine market, with innovative products that are expected to drive significant revenue growth [27][46].