Hangzhou Alltest Biotech (688606) 东吴证券·2025-03-02 04:38Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown continuous performance exceeding expectations, with a focus on the POCT (Point of Care Testing) market, demonstrating strong operational improvements and market expansion strategies [7][8] - The company achieved a total revenue of 870 million yuan in 2024, representing a year-on-year growth of 15.25%, and a net profit attributable to shareholders of 304 million yuan [7] - The company has established a significant international market presence, particularly in Europe and the United States, and has focused on product innovation and cost reduction through self-sufficient raw materials [7][8] Financial Performance Summary - Revenue and Profit Forecasts: - 2024: Revenue of 870 million yuan, net profit of 304 million yuan, and EPS of 3.83 yuan [1][8] - 2025: Revenue projected at 1.13 billion yuan, net profit at 351 million yuan, and EPS at 4.42 yuan [1][8] - 2026: Revenue expected to reach 1.49 billion yuan, net profit at 451 million yuan, and EPS at 5.69 yuan [1][8] - The company has improved its operating cash flow significantly, reaching 192 million yuan in the first three quarters of 2024 [7] - The company aims for a compound annual growth rate (CAGR) of 18.6% in revenue from 2024 to 2026, with a target of 8.5 billion to 12.6 billion yuan in revenue [7][8]