Event: the company issued a report on the first quarter of 2024 and realized operating income in the first quarter of 2024.Crashteamracingplaystation.7.3 billion yuan (- 8)Crashteamracingplaystation.01%), net profit 23 million yuan (- 85.54%), non-net profit 24 million yuan (- 83.01%), operating cash flow-267 million yuan (- 16.71%). Impairment provision affects apparent performance, and Q1 performance is lower than previously expected. The revenue side of 2024Q1 decreased slightly, among which: ① Diagnostic Services: realized revenue of 1.149 billion yuan (- 5.97%), of which ICL revenue was 1.071 billion yuan (10.41% higher than that of 2023Q1). It still achieved double-digit growth despite the high base and changes in industry operating conditions, showing that the company has a certain degree of resilience.Crashteamracingplaystation② product business: the operating income of channel product business is 1.857 billion yuan (- 7.06%), and that of self-owned product business is 76 million yuan (- 38.71%). The profit end of 2024Q1 company has declined sharply, mainly due to seasonal factors and industry environment, which affect the speed of accounts receivable repayment, and then increase the proportion of long-age account provision and increase the absolute amount of impairment provision, so that the impact of credit impairment provision on the company's profit side is still obvious (the credit impairment loss of 2024Q1 company is 93 million yuan). Discipline ability continues to strengthen, innovation and go out to sea to open up incremental space. The company continues to closely integrate the expansion of the technology platform with disease solutions, improve the comprehensive diagnosis service solutions for hematological diseases, constantly supplement new projects such as flow, ddPCR and NGS, and carry out exclusive projects such as myeloid tumor NGS-MRD, which are customer-oriented and clinical-oriented, consolidate the value of the integrated industry chain of "research, production, marketing and inspection", and effectively resist the periodic fluctuations of medical policy and market competition. And accelerate the promotion of discipline construction and innovative business model in the market share of high-value hospitals to ensure long-term sustainable development. The company continues to strengthen cost reduction and efficiency, further optimize the cost structure, and actively increase investment in research and development, laying out product solutions in key disease areas and business models around LDT, IVD and digital intelligence. In addition, the company will further speed up the layout of international business and open up overseas incremental markets for its own products and services. Investment suggestion: the company is the leading third-party medical inspection service provider in China, with the integrated development of "product + service". With the improvement of the national layout, the continuous increase of operational efficiency and the continuous improvement of the proportion of special inspection, conventional business is expected to grow steadily for a long time.CrashteamracingplaystationWe estimate that the company's homing net profit from 2024 to 2026 will be RMB 7.74 million, an increase of 151.85%, 25.72%, 24.34%, and RMB 1.24,1.55 and 1.93, respectively, compared with the same period last year. The current share price corresponds to a multiple of PE on 11-9-7, 2024-2026, maintaining the "recommended" rating. Risk hints: the risk that the recovery of regular business is not as expected, the risk that the return of accounts receivable is not as expected, and the risk of testing the risk of a substantial decline in the price of services. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.