SNIBE(300832) 平安证券·2024-04-26 07:00Investment Rating - The investment rating for the company is "Recommended (Maintain)" [2][5] Core Views - The company achieved a revenue of 1.021 billion yuan in Q1 2024, representing a year-over-year increase of 16.6%. The net profit attributable to the parent company was 426 million yuan, up 20.0% year-over-year, exceeding market expectations [4][5] - The domestic market's main business revenue grew by 12.2% year-over-year, while the overseas market's main business revenue increased by 25.0% [4] - The company's reagent revenue rose by 26.42% year-over-year, while instrument product revenue declined by 3.86%. The gross margin improved by 5.2 percentage points to 73.8% due to the strong growth of high-margin reagents [4][5] - The company maintains a stable expense ratio for sales, management, and R&D, with slight increases in each category [4] Financial Performance Summary - For Q1 2024, the company reported a revenue of 1.021 billion yuan, with a year-over-year growth of 16.6%. The net profit attributable to the parent company was 426 million yuan, reflecting a year-over-year increase of 20.0% [4] - The company's EPS forecasts for 2024-2026 are 2.62 yuan, 3.26 yuan, and 3.96 yuan respectively [5][6] - The gross margin is projected to improve gradually, reaching 75.9% by 2026 [6][9] - The company has maintained a strong installation number domestically and internationally, which is expected to drive reagent volume and optimize gross margins [5] Market and Competitive Position - The company is benefiting from the ongoing optimization of its domestic and overseas installation structure, which is expected to support reagent volume growth and gradual improvement in gross margins [5] - The average annual output of the company's high-speed machines has not been significantly affected by the ongoing medical anti-corruption measures [5]