Lifotronic(688389) 东北证券·2025-04-13 13:18Investment Rating - The report maintains a "Buy" rating for the company [3][5][17] Core Viewpoints - The company achieved a revenue of 1.148 billion yuan in 2024, a slight increase of 0.20% year-on-year, with a net profit of 345 million yuan, up 5.12% [1][12] - The company is focusing on strengthening its IVD (In Vitro Diagnostics) and clinical medical business while actively expanding into the consumer health sector, including skin aesthetics and consumer health products [3][16][17] - The report anticipates revenue growth for the years 2025 to 2027, projecting revenues of 1.262 billion yuan, 1.372 billion yuan, and 1.489 billion yuan respectively, with net profits of 389 million yuan, 433 million yuan, and 485 million yuan [3][4][17] Financial Summary - In 2024, the company's revenue was 1,148 million yuan, with a growth rate of 0.20%. The projected revenues for 2025, 2026, and 2027 are 1,262 million yuan, 1,372 million yuan, and 1,489 million yuan respectively, reflecting growth rates of 9.91%, 8.71%, and 8.55% [4][18] - The net profit for 2024 was 345 million yuan, with expected growth rates of 12.65%, 11.31%, and 12.01% for the following years [4][18] - The gross margin for 2024 was reported at 67.21%, an increase of 1.40 percentage points, driven by a higher proportion of high-margin IVD reagents [15][18] Product Performance - The IVD segment generated 911 million yuan in revenue, accounting for 79.39% of total revenue, with a year-on-year increase of 9.96%. The revenue from diagnostic reagents was 652 million yuan, up 25.73% [2][13] - The therapeutic and rehabilitation segment saw a decline, with revenues of 220 million yuan, down 27.68%. However, home product sales increased by 36.29% due to enhanced marketing efforts [2][13] - The company reported a significant increase in sales volume for diagnostic reagents, attributed to the prior installation of equipment boosting reagent sales [2][13] Regional Performance - Domestic revenue was 759 million yuan, accounting for 66.13% of total revenue, down 6.16% year-on-year. In contrast, overseas revenue reached 372 million yuan, representing 32.43% of total revenue, with a year-on-year increase of 14.87% [2][13]