SNIBE(SZ:300832) Xin Lang Cai Jing·2025-04-29 02:46Performance Overview - In 2024, the company achieved a total revenue of 4.535 billion, representing a year-on-year increase of 15% [1] - The net profit attributable to shareholders was 1.828 billion, up 11% year-on-year, while the net profit excluding non-recurring items was 1.720 billion, also up 11% [1] - In Q4 2024, the company reported revenue of 1.121 billion, a 10% increase year-on-year, but the net profit attributable to shareholders decreased by 5% to 445 million [1] - In Q1 2025, revenue was 1.125 billion, a 10% increase year-on-year, with net profit attributable to shareholders at 438 million, up 3% [1] Operational Analysis - The company experienced stable growth in annual performance, with an increasing proportion of high-end models [2] - Domestic revenue reached 2.843 billion in 2024, a 9.32% increase, with 1,641 units of chemiluminescence immunoassay analyzers installed, and large machines accounting for 74.65% of installations [2] - Overseas revenue was 1.684 billion, a significant increase of 27.67%, with 4,017 units sold and high-end models making up 67.16% of sales [2] - In Q1 2025, domestic revenue faced pressure due to inter-provincial alliance procurement policies, showing only a 0.11% increase, while overseas business maintained a strong growth rate of 27.03% [2] R&D and Innovation - The company invested 454 million in R&D in 2024, accounting for 10% of total revenue [3] - The high-throughput MAGLUMI X10 chemiluminescence immunoassay analyzer was launched in February 2024, enhancing user experience [3] - The fully automated nucleic acid detection analysis system, Molecision R8, received EU market access approval in March 2024, with domestic registration ongoing [3] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 2.148 billion, 2.648 billion, and 3.209 billion for 2025-2027, representing year-on-year growth rates of 18%, 23%, and 21% respectively [4] - The current price corresponds to a PE ratio of 19, 16, and 13 for the years 2025, 2026, and 2027 [4]