Novogene(SH:688315) Xin Lang Cai Jing·2025-04-16 10:37Core Insights - The company achieved a revenue of 2.111 billion yuan in 2024, representing a year-on-year increase of 5.45%, and a net profit attributable to shareholders of 197 million yuan, up 10.52% year-on-year [1] - The company is expected to see accelerated revenue and profit growth in 2025 due to steady demand recovery [1][2] Growth Potential - The company experienced a clear quarter-on-quarter improvement in profit growth, with a strong recovery in orders anticipated for 2025 [2] - The establishment of new laboratories in Japan and an expanding overseas laboratory network covering approximately 90 countries is expected to enhance local delivery capabilities and drive high growth in overseas revenue, which accounted for 49.3% of total revenue in 2024 [2] Profitability - The company maintained a gross margin of 43.7% in 2024, an increase of 1.0 percentage points year-on-year, with expectations for high gross margins in 2025 due to automation systems reducing costs and improving efficiency [3] - The net profit margin for 2024 was 9.65%, up 0.50 percentage points year-on-year, with a projected net profit margin of 7.19% for Q1 2025, reflecting ongoing cost reduction and efficiency improvements [4] Financial Forecast - Revenue projections for 2025-2027 are estimated at 2.270 billion, 2.554 billion, and 2.887 billion yuan, with year-on-year growth rates of 7.50%, 12.52%, and 13.03% respectively [5] - Net profit forecasts for the same period are 222 million, 253 million, and 284 million yuan, with corresponding year-on-year growth rates of 12.73%, 14.13%, and 12.19% [5]