SNIBE(300832) 新浪财经·2025-04-30 00:44Core Insights - The company reported a revenue of 4.535 billion yuan for 2024, a year-on-year increase of 15.41%, driven by growth in overseas market sales [1] - The net profit attributable to shareholders was 1.828 billion yuan, up 10.57% year-on-year, while the non-recurring net profit was 1.720 billion yuan, an increase of 11.19% [1] - In Q4 2024, the company achieved a revenue of 1.121 billion yuan, a 9.75% increase year-on-year, but the net profit decreased by 4.73% to 445 million yuan [1] Revenue Breakdown - Domestic revenue reached 2.843 billion yuan, a 9.32% increase, primarily due to reagent price adjustments post-collection [2] - Overseas revenue was 1.684 billion yuan, a significant growth of 27.67%, with reagent income increasing by 26.47% [2] - The company established subsidiaries in Indonesia, Malaysia, and Thailand, and opened an office in Hanoi, Vietnam, with a successful launch of a subsidiary in South Korea in early 2025 [2] Product Performance - The flagship model MAGLUMI X8 saw stable growth, with annual sales of 1,048 units, bringing the total installed base to 3,701 units by the end of 2024 [2] - The SATLARS T8 fully automated laboratory automation line was successfully launched in June 2024, achieving 87 installations in its first year [3] Financial Metrics - The overall gross margin for 2024 was 72.07%, a slight decrease of 0.89 percentage points year-on-year [4] - The net profit margin decreased by 1.76 percentage points to 40.32% due to various cost factors [4] - In Q4 2024, the gross margin was 71.26%, with a notable decline influenced by accelerated installations of large equipment [4] Future Projections - Revenue forecasts for 2025-2027 are 5.155 billion, 6.010 billion, and 6.810 billion yuan, with year-on-year growth rates of 14%, 17%, and 13% respectively [5] - Projected net profits for the same period are 2.023 billion, 2.422 billion, and 2.794 billion yuan, reflecting growth rates of 11%, 20%, and 15% [5] - Earnings per share (EPS) are expected to be 2.57, 3.08, and 3.56 for 2025, 2026, and 2027 respectively [5]