Autobio(SH:603658) Xin Lang Cai Jing·2025-05-14 02:28Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a slight revenue increase but a decline in net profit, with significant growth in overseas revenue indicating improved international competitiveness [1][2]. Group 1: Financial Performance - In 2024, the company achieved revenue of 4.471 billion yuan, a year-over-year increase of 0.62%, while the net profit attributable to shareholders was 1.194 billion yuan, a decrease of 1.89% [1]. - For Q1 2025, the company reported revenue of 996 million yuan, a year-over-year decline of 8.56%, with a net profit of 270 million yuan, down 16.76% year-over-year [1]. - Domestic business revenue was 4.105 billion yuan, a decrease of 1.30%, primarily due to policy impacts, while overseas revenue reached 284 million yuan, reflecting a growth of 36.25% [1]. Group 2: Research and Development - The company maintained a strong focus on R&D, with R&D expenses amounting to 732 million yuan, representing 16.37% of total revenue, indicating a commitment to innovation [2]. - The gross profit margin for 2024 was 65.41%, an increase of 0.34 percentage points, while the net profit margin was 26.82%, a decrease of 0.73 percentage points due to rising R&D costs [2]. - The company plans to continue focusing on cutting-edge technologies in molecular diagnostics, immunodiagnostics, and POCT to drive innovation and product upgrades [2]. Group 3: Future Outlook - The company is expected to achieve revenues of 4.773 billion yuan, 5.811 billion yuan, and 6.972 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 6.75%, 21.75%, and 19.97% [3]. - Projected net profits for the same years are 1.280 billion yuan, 1.560 billion yuan, and 1.876 billion yuan, with growth rates of 7.20%, 21.80%, and 20.28% [3]. - The company is rated as a strong player in the in vitro diagnostics sector, maintaining a "buy" rating [3].