主营业务收入稳步增长；仪器安装强劲

MainBiz. Rev. Grew Steadily;Instrument Installation Robust Huatai Research Annual Results Review 16 May 2025│China (Mainland) Medical Devices AnalystDAI WenSAC No. S0570516120002SFC No. BFI915daiwen@htsc.com+(86) 21 2897 2078 MaccuraBiotechnology’s(Maccura)2024revenue/attributablenetprofit(NP)/recurring attributable NPwereRMB2,549/127/138mn(-12.0/-59.4/-56.2%yoy), in line with its profit alert, with the earnings decline primarily owing toshort-term policy headwinds, ongoing adjustment in agency business, coupledwith goodwill impairment. Its proprietary business revenuerose by1.8% yoy toRMB1,913mn,indicatingrobustgrowthinthemainbusiness.For1Q25,revenue/attributable NP/recurring attributable NPfell by17.2/80.1/66.2%yoy toRMB510/24/40mn, with the contraction chiefly due to short-term policy headwinds,the company’s ongoing efforts to transformits direct-sales mode to distributionmode, as well as stepped-up marketing spending. Weexpect thecompetitive edgeof its core in-house business to sharpen and see promising long-termearningsgrowthpotentialinthissegment,aidedbysustainedbusiness-mixandsales-modeladjustmentandstrengtheningmarketpromotionsathomeandabroad. Maintain BUY. AnalystYANG ChangyuanSAC No. S0570523060001SFC No. BTX488yangchangyuan@htsc.com+(86) 21 3847 6751 Key data CL: 2024 revenue grew steadily, market share likely to rise in 2025Maccura’s CL reagents revenue in 2024 increasedby8% yoy to RMB1,029mn, mirroring enhanced market recognition. The companyinstalled 224 bioassayautomation lines and 1,352 immunoassay analyzersduring the year, pointing tosustained growth in instrument installation. As we think nearly2,000 newCLanalyzerscould be shipped by the company at home and abroadin 2025(whichwoulddrive in-hospitalreagent consumption), coupled with robust reagent salesfollowing soundinter-provincialVBP results(2024 infectious disease 8-panel/sexhormone 6-panel/carb metabolism reagentsalesvolumes up 15.3/54.5/52.6%yoy), we project steadyCLreagentrevenuegrowth and market-share gains in2025. Source:Wind Other businesses: agency business on a downward trajectory1)Biochemistry:segment2024revenuedeclinedby13.5%yoyin2024 toRMB499mn,whichweputdownmainlytopriceadjustmentsfollowinginter-provincial VBP.With industry-leading metrological traceability capabilities andaclearcompetitiveedge,thesegmentshowssustainablerevenuegrowthpotential,in our view.2)Clinicaltesting: 2024 revenuewasRMB214mn (+21.8%yoy).Givensmoothmarketpenetrationofclinicaltestingequipment(212automated lines/2,009 analyzers installed in 2024), weexpectrapid segmentrevenue growth in 2025.3)Agency: 2024revenue fellby37.6% yoy to RMB612mnamidongoing adjustment, withadeclining revenue contribution. Earnings forecasts and valuationGiven short-term disruptions from policy headwinds to the company ’s revenuegrowth, as well asadrag from strengthening marketing and R&D spending totheexpense ratio, we lower our 2025/2026/2027 EPS estimates by44/46/-%toRMB0.49/0.58/0.70.Inour SOTP valuation,andbasedon2025profits(weestimatetheNP ratio oftheIVD/agency segments at 90/10%),we value the IVDbusiness/agency business at28x/24x 2025E PE vs its peers’averages of 29x/24xon Wind consensus, as its revenue from CL products is lower than that of its peers.Our target price is RMB13.54(previous: RMB13.79, on 19x/22x 2024E PE, vsitspeers’thenaverage of 20x/22x PE). Risks:weaker product sales than we expect; slower R&D progress than weexpect; lower bid prices for reagents than we expect. Source:Wind,Huatai Research Source:Wind,Huatai Research Full financials Disclaimers Analyst CertificationI/We, DAI Wen, YANG Changyuan, hereby certify that the views expressed in this report accurately reflect the personal views ofthe analyst(s) about the subject securities or issuers; and no part of the compensation of the analyst(s) was, is, or will be, directlyor indirectly, related to the inclusion of specific recommendations or views in this report. General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to as “HFHL”).The information herein is strictly confidential to the recipient. Thisreport is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report. This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy or completeness of such information. The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referredto herein may fluctuate.Past performance is not a