亚辉龙：点评报告：非新冠业务表现靓丽，再推股权激励业绩确定性强

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of outperformance relative to the market benchmark [3] Core Views - The company's non-COVID business has shown strong performance, with a 31.89% YoY growth in revenue, driven by domestic and overseas non-COVID self-produced products [4] - The company's gross margin has significantly improved to 62.26%, up by 12.93 percentage points YoY, primarily due to the growth in non-COVID self-produced products [4] - The company has launched a new equity incentive plan, introducing profit growth targets with a two-year compound growth rate of 35%, which is expected to enhance employee motivation and corporate competitiveness [5][6] Financial Performance - H1 2024 revenue was 9.60 billion yuan, down 10.69% YoY, mainly due to a significant decline in COVID-related business, while net profit attributable to the parent company increased by 22.25% YoY to 1.73 billion yuan [3] - Q2 2024 revenue grew by 27.41% YoY to 5.29 billion yuan, with net profit attributable to the parent company surging by 77.45% YoY to 1.07 billion yuan [3] - The company's net profit margin increased by 5.64 percentage points YoY to 16.19% [4] Business Highlights - The company's self-produced chemiluminescence business achieved revenue of 7.17 billion yuan, up 48.46% YoY [4] - In H1 2024, the company installed 1,170 new chemiluminescence instruments, bringing the total installed base to 9,430 units, with 39.53% of the installed pipeline systems in top-tier hospitals [5] - The company's self-immunity diagnostic business grew by 37.24% YoY, with chemiluminescence-based self-immunity diagnostic revenue increasing by 46.23% YoY [5] R&D and Innovation - The company invested 155 million yuan in R&D in H1 2024, up 8.79% YoY, with 39.60% of the R&D expenditure allocated to microfluidics, gene sequencing, and other advanced technologies [5] - The company obtained 13 new domestic and international registration certificates for chemiluminescence diagnostic reagents in H1 2024, bringing the total number of registered chemiluminescence diagnostic projects to 176 [6] Market Expansion - The company's products are sold in over 110 countries and regions, with coverage of more than 5,600 domestic terminal medical institutions, including over 1,590 tertiary hospitals and 1,200 top-tier hospitals [4] - Overseas chemiluminescence instrument installations reached 532 units in H1 2024, with a 275% YoY increase in the installation of 300-speed instruments [5] Financial Forecasts - The report forecasts 2024-2026 revenue of 22.68/29.10/36.85 billion yuan, with net profit attributable to the parent company of 4.82/6.54/8.47 billion yuan, and EPS of 0.85/1.15/1.49 yuan [6] - The company's ROE is expected to increase from 16.79% in 2024 to 21.85% in 2026, with a projected PE ratio of 24.19 in 2024, decreasing to 13.77 by 2026 [6]