Autobio(603658) 光大证券·2025-04-22 08:14Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for long-term development despite recent performance challenges [5]. Core Insights - The company faced pressure on its performance in 2024, with revenue of 4.471 billion yuan, a year-on-year increase of 0.62%, and a net profit attributable to shareholders of 1.194 billion yuan, a decrease of 1.89% [1][2]. - The gross margin improved to 65.41%, up by 0.34 percentage points year-on-year, despite a decline in revenue from reagent products [2]. - The company has been actively expanding its overseas business, achieving revenue of 284 million yuan from international markets, a growth of 36.25% year-on-year [2][3]. - Research and development investment increased by 11.55% to 732 million yuan, representing 16.37% of total revenue, with 144 new product registrations [2][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.471 billion yuan and a net profit of 1.194 billion yuan, with a decline in net profit margin to 26.7% [4][10]. - The first quarter of 2025 showed a revenue of 996 million yuan, down 8.56% year-on-year, and a net profit of 270 million yuan, down 16.76% [1][4]. Revenue Breakdown - Reagent revenue was 3.797 billion yuan, down 0.48%, while instrument revenue grew by 8.85% [2]. - The gross margin for reagents was 70.94%, while for instruments, it improved to 37.93% [2]. R&D and Product Development - The company launched new products in the biochemical diagnostics and microbiological testing fields, which are expected to drive future revenue growth [2][3]. Market Expansion - The company has established a presence in over 100 countries and regions, focusing on enhancing its competitive advantage through strategic global market expansion [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised downwards to 1.264 billion yuan and 1.473 billion yuan, respectively, due to industry procurement policies [3][4]. - The current price corresponds to a price-to-earnings ratio of 18 for 2025, 16 for 2026, and 13 for 2027 [3][4].