Lifotronic(688389) 华创证券·2025-05-12 10:35Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 16 yuan [2][8]. Core Views - The company's IVD (In Vitro Diagnostics) business shows steady growth, while the rehabilitation treatment business faces pressure [2][8]. - In 2024, the company reported total revenue of 1.148 billion yuan, a slight increase of 0.20% year-on-year, and a net profit attributable to shareholders of 345 million yuan, up by 5.12% [2][4]. - The IVD business generated revenue of 911 million yuan in 2024, reflecting a growth of 9.96%, with a significant increase in the revenue share of high-margin IVD reagents [8]. Financial Performance Summary - 2024 Financials: - Total revenue: 1,148 million yuan - Net profit: 345 million yuan - Gross margin: 67.21%, an increase of 1.40 percentage points [4][8]. - 2025 Projections: - Expected revenue: 1,268 million yuan (+10.4%) - Expected net profit: 391 million yuan (+13.1%) - EPS: 0.91 yuan [4][8]. - 2026-2027 Projections: - Revenue expected to grow to 1,450 million yuan (+14.4%) in 2026 and 1,670 million yuan (+15.2%) in 2027 - Net profit expected to reach 448 million yuan (+14.8%) in 2026 and 519 million yuan (+15.7%) in 2027 [4][8]. Business Segment Analysis - IVD Business: - Domestic revenue: 562 million yuan (+4.51%) - International revenue: 350 million yuan (+20.00%) - IVD reagent revenue: 652 million yuan (+25.73%) [8]. - Rehabilitation Treatment Business: - Revenue decreased to 220 million yuan (-27.68%) due to a high base effect from the previous year [8]. Investment Recommendations - The report anticipates that the company's net profit will grow to 3.9 billion yuan in 2025, 4.5 billion yuan in 2026, and 5.2 billion yuan in 2027, with corresponding EPS of 0.91, 1.05, and 1.21 yuan [8].