Tellgen(300642) Huachuang Securities·2025-05-18 14:32Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 16 yuan [2][8]. Core Views - The company's performance is under pressure, with a significant decline in revenue and net profit for 2024. The total revenue for 2024 is reported at 437 million yuan, down 19.53% year-on-year, and the net profit attributable to the parent company is 34 million yuan, down 61.4% [2][4]. - The company is focusing on self-research and acquisitions to enrich its product pipeline, with a research and development expense ratio of 15.05% in 2024. The company has completed clinical research for cervical cancer screening and expanded its methylation detection sample types [2][8]. - The first quarter of 2025 continues to show pressure, with revenue of 75 million yuan, down 19.53% year-on-year, but the company managed to turn a profit with a net profit of 470,000 yuan [2][4]. Financial Summary - For 2024, the total revenue is 437 million yuan, with a year-on-year growth rate of -19.5%. The net profit attributable to the parent company is 34 million yuan, with a year-on-year growth rate of -61.4% [4]. - The projected financials for 2025 to 2027 show a gradual recovery, with net profits expected to grow to 36 million yuan in 2025, 46 million yuan in 2026, and 62 million yuan in 2027, reflecting growth rates of 5.7%, 27.2%, and 32.9% respectively [4][8]. - The company's earnings per share (EPS) is projected to be 0.21 yuan in 2024, increasing to 0.22 yuan in 2025, 0.28 yuan in 2026, and 0.38 yuan in 2027 [4][8].