BSBE(300406) Xiangcai Securities·2024-07-01 08:01Investment Rating - The report assigns a "Buy" rating to the company, indicating that the investment return is expected to outperform the market benchmark index by more than 15% over the next 6-12 months [9][15] Core Viewpoints - The company has a clear strategic positioning as an IVD platform enterprise, with continuous expansion of its product lines through acquisitions [2][11] - The company is expected to benefit from synergies with its major shareholder, including channel expansion, R&D support, and cross-sector M&A resources [12][20] - The company's financial performance is projected to grow steadily, with revenue and net profit expected to increase significantly from 2024 to 2026 [3][12] Financial Projections - Revenue is forecasted to grow from 1,741.6 million in 2023 to 2,618.3 million in 2026, with a CAGR of 13.4% [3] - Net profit attributable to shareholders is expected to increase from 523.7 million in 2023 to 876.6 million in 2026, with a CAGR of 16.0% [3] - The company's ROE is projected to improve from 14.1% in 2023 to 16.0% in 2026, indicating enhanced profitability [3] Operational Highlights - The company has strengthened its biochemical product line and entered new diagnostic sectors through acquisitions [2] - The major shareholder's continuous increase in shareholding demonstrates confidence in the company's value and growth potential [19] - The company's gross margin is expected to remain stable at around 74% from 2023 to 2026, reflecting strong pricing power [3] Valuation Metrics - The company's PE ratio is projected to decline from 17.36 in 2023 to 10.37 in 2026, indicating improving valuation attractiveness [3] - The EV/EBITDA ratio is expected to decrease from 13.05 in 2023 to 8.35 in 2026, suggesting a more favorable valuation [3] - The company's EPS is forecasted to grow from 0.89 in 2023 to 1.49 in 2026, reflecting strong earnings growth potential [3]