Autobio(603658)2024-04-22 08:02Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4] - The target price is set at 63.12 CNY, up from the previous forecast of 52.60 CNY [1] Core Views - The company shows steady growth in routine diagnostics, with rapid growth in immunofluorescence diagnostics and stable growth in biochemical and microbiological diagnostics [1] - The international market is expanding quickly, supported by R&D efforts for new product development, indicating a promising long-term platform [1] - The company's performance slightly exceeded expectations, with a reported revenue of 10.89 billion CNY in Q1 2023, representing a 5.09% year-on-year increase [1] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.44 billion CNY, with a net profit of 1.22 billion CNY, reflecting a 4% increase from the previous year [1] - The EPS for 2024 is projected at 2.63 CNY, with a forecasted PE ratio of 24x [1] Revenue Breakdown - The revenue from immunodiagnostics reached 2.48 billion CNY, growing by 23.77%, while biochemical reagents and microbiological diagnostics also showed significant growth [1] - The overseas revenue in 2023 was 2.09 billion CNY, marking a 60.53% increase, indicating strong potential for continued growth [1] R&D and Product Development - The company invested 6.56 billion CNY in R&D, accounting for 14.8% of its revenue, focusing on enhancing its product line through self-research and collaborations [1] - New product lines, including gene sequencing instruments and mass spectrometry systems, are progressing as planned, with ongoing development in various diagnostic areas [1]