Lifotronic(688389) 华福证券·2024-06-02 06:30Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Viewpoints - The company has established a platform-based layout in the fields of clinical rehabilitation, IVD (in vitro diagnostics), and medical aesthetics, achieving high growth in revenue and net profit over the years. From 2019 to 2023, the compound annual growth rate (CAGR) for revenue and net profit reached 28% and 34%, respectively [1][18]. - The dual drivers of IVD and rehabilitation aesthetics are expected to continue to provide strong momentum for growth, with significant market opportunities both domestically and internationally [1][18]. - The company has successfully broken the monopoly of imported technologies in the electrochemical luminescence sector, positioning itself as a leader in domestic IVD [1][18]. Summary by Sections 1. IVD and Rehabilitation Aesthetics Dual-Drive - The company has developed a comprehensive solution in rehabilitation equipment, with a market size in the hundreds of billions. The photon therapy device has a clear first-mover advantage, and the treatment and rehabilitation business achieved revenue of 300 million yuan in 2023, a year-on-year increase of 34% [1][22]. - The IVD segment, particularly in electrochemical luminescence, has shown significant growth potential, with the company’s products gaining recognition in international markets [1][18]. 2. IVD Business: Leader in Electrochemical Luminescence - The company launched its electrochemical luminescence product in 2017, becoming the first domestic company to break the foreign monopoly. The market for chemical luminescence diagnostics in China reached 471 billion yuan in 2023, with a year-on-year growth rate of 20% [1][49]. - The company’s innovative approach and competitive pricing have positioned it favorably against international competitors [1][49]. 3. Rehabilitation Equipment Market - The rehabilitation equipment market is projected to be worth hundreds of billions, with the company offering a complete range of solutions to meet diverse patient needs. The acquisition of Zhixin Bio in 2022 further enhances its product line [1][22]. 4. Medical Aesthetics Market - The medical aesthetics market in China has been rapidly expanding, with the market size expected to grow from 47.5 billion yuan in 2016 to 153.3 billion yuan by 2025. The company has quickly established a presence in this sector through strategic acquisitions and product launches [1][24]. 5. Profit Forecast and Investment Recommendations - Revenue forecasts for 2024-2026 are projected at 1.44 billion, 1.85 billion, and 2.36 billion yuan, with corresponding year-on-year growth rates of 26%, 28%, and 28%. Net profit is expected to reach 420 million, 540 million, and 690 million yuan during the same period [1][18]. - The report employs a comparable company valuation method, selecting peers from the IVD, rehabilitation, and medical aesthetics sectors, and assigns a price-to-earnings (P/E) ratio of 25.1 for 2024 [1][18].