SNIBE(SZ:300832) Xin Lang Cai Jing·2025-05-05 08:50Core Insights - The company reported a revenue of 4.535 billion yuan for 2024, representing a year-on-year growth of 15.41%, and a net profit attributable to shareholders of 1.828 billion yuan, up 10.57% year-on-year [1] - In Q1 2025, the company achieved a revenue of 1.125 billion yuan, a 10.12% increase year-on-year, with a net profit of 438 million yuan, growing by 2.65% year-on-year [1] Group 1: Market Performance - The overseas market showed strong performance in 2024, with revenue reaching 1.684 billion yuan, a year-on-year increase of 27.67%, driven by a rise in reagent business due to increased instrument installations [2] - The domestic market also experienced steady growth, with revenue of 2.843 billion yuan, a 9.32% increase year-on-year, despite pressures from centralized procurement policies [2][5] Group 2: Financial Metrics - The company's gross margin for 2024 was 72.07%, a decrease of 0.89 percentage points year-on-year, primarily due to a higher proportion of lower-margin instrument revenue [3] - In Q1 2025, the gross margin dropped to 68.01%, down 5.83 percentage points year-on-year, influenced by fluctuations in gross profit margins due to centralized procurement [5] Group 3: Product and Market Expansion - The company made significant strides in the domestic high-end market, with 1,641 chemical luminescence instruments installed, and a 74.65% share of large equipment installations [6] - The company has established subsidiaries in Indonesia, Malaysia, and Thailand, and opened an office in Hanoi, Vietnam, indicating a deepening of its overseas localization strategy [6] Group 4: Future Projections - Revenue projections for 2025-2027 are estimated at 5.158 billion, 6.007 billion, and 7.075 billion yuan, with year-on-year growth rates of 13.7%, 16.5%, and 17.8% respectively [6] - Net profit forecasts for the same period are 2.063 billion, 2.427 billion, and 2.874 billion yuan, with expected growth rates of 12.8%, 17.6%, and 18.4% respectively [6]