安图生物：2024H1发光业务稳健，盈利能力稳步提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved operating revenue of 2.207 billion yuan in the first half of 2024, representing a year-on-year growth of 4.70% [1] - The net profit attributable to shareholders reached 620 million yuan, a year-on-year increase of 13.49% [1] - The company’s core product, chemiluminescent reagents, is expected to maintain steady growth, with revenue from reagent products in the first half of 2024 estimated at 1.857 billion yuan, a growth of approximately 4.32% [1][2] - The company’s overseas market revenue reached 131 million yuan, showing a significant year-on-year growth of 42% [1][2] - The company has a comprehensive product line covering immunodiagnostics, biochemical diagnostics, microbiological diagnostics, and molecular diagnostics, enhancing its competitive advantage [3] Summary by Sections Financial Performance - In the first half of 2024, the company reported a gross profit margin of 65.37%, an increase of 1.72 percentage points year-on-year [1] - The company’s sales expense ratio was 16.70%, management expense ratio was 4.14%, and R&D expense ratio was 15.10% [1] - The projected revenues for 2024-2026 are expected to be 4.854 billion yuan, 5.666 billion yuan, and 6.644 billion yuan, with year-on-year growth rates of approximately 9.2%, 16.7%, and 17.3% respectively [3][6] Research and Development - As of June 30, 2024, the company had 1,852 R&D personnel, accounting for 33.27% of the total workforce, with R&D investment amounting to 333.23 million yuan, representing 15.10% of operating revenue [2] - The company successfully developed multiple new product series, obtaining 74 new product registrations, enhancing its product portfolio and brand influence [2] Market Expansion - The company is focusing on international market expansion, with a restructured international trade and cooperation framework aimed at enhancing its operational efficiency [1][2] - The company’s products have entered various regions including the Middle East, Asia, Europe, America, and Africa, indicating a strong international presence [1]