BSBE(SZ:300406) Xin Lang Cai Jing·2025-04-29 02:50Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, attributed to various market pressures and rising costs, while maintaining a strong gross margin due to an improved product mix [1][2]. Financial Performance - Q1 2025 revenue was 320 million yuan, a year-on-year decrease of 18.81% [1]. - The net profit attributable to shareholders was 83 million yuan, down 30.99% year-on-year [1]. - The non-recurring net profit was 82 million yuan, reflecting a 32.02% decline compared to the previous year [1]. - Gross margin for Q1 2025 was approximately 80.84%, an increase of about 3.98 percentage points year-on-year [1]. - The net profit margin for Q1 2025 was 26.13%, a decrease of 4.39 percentage points year-on-year [1]. Cost Structure - Sales expense ratio increased to 22.09%, up 4.38 percentage points year-on-year [1]. - Management expense ratio rose to 10.37%, an increase of 1.73 percentage points year-on-year [1]. - R&D expense ratio remained high at 13.45%, up 2.56 percentage points year-on-year [1]. - Financial expense ratio was 3.11%, an increase of 0.40 percentage points year-on-year [1]. Market Dynamics - The pathology business remains stable despite policy disruptions, while the biochemical sector may face short-term pressure due to ongoing national policies [2]. - The company is exploring AI integration in diagnostics and expanding its international presence, particularly in emerging markets [2]. Revenue and Profit Forecast - Projected revenues for 2025-2027 are 1.669 billion, 1.886 billion, and 2.129 billion yuan, with expected growth rates of 1%, 13%, and 13% respectively [3]. - Forecasted net profits for the same period are 553 million, 642 million, and 759 million yuan, with growth rates of 4%, 16%, and 18% respectively [3]. - The current stock price corresponds to a PE ratio of 15, 13, and 11 for 2025-2027, reflecting the company's strong growth potential in high-demand sectors [3].