SNIBE(SZ:300832) Guotai Junan Securities·2024-08-22 23:37Investment Rating - The report maintains a rating of "Buy" for the company [3][5]. Core Views - The company is experiencing steady growth in both domestic and international markets, with a successful rollout of installations and an increase in the sales proportion of mid-to-large machines, which is driving a positive trend in reagent growth [3]. - The revenue for H1 2024 reached 2.211 billion yuan, representing an 18.54% increase year-on-year, while the net profit attributable to shareholders was 903 million yuan, up 20.42% [3]. - The report forecasts EPS for 2024, 2025, and 2026 to be 2.69 yuan, 3.49 yuan, and 4.55 yuan respectively, with a target price of 79.65 yuan, corresponding to a PE of 30X for 2024 [3]. Financial Summary - H1 2024 revenue breakdown: Reagent revenue was 1.591 billion yuan (+21.13%), and instrument revenue was 615 million yuan (+12.40%) [3]. - The gross margin for reagents was 88.50% (down 0.41 percentage points), while the gross margin for instruments improved to 32.11% (up 2.46 percentage points) [3]. - Domestic revenue for H1 2024 was 1.410 billion yuan (+16.30%), with a significant increase in the number of large medical terminal customers [3]. - International revenue for H1 2024 was 796 million yuan (+22.79%), with a notable increase in the sales of mid-to-large instruments [3]. Market Performance - The company has successfully expanded its domestic market share, with a 75.13% installation rate for large machines in H1 2024 [3]. - The overseas market is also showing promising growth, with reagent revenue increasing by 29.11% year-on-year in H1 2024 [3]. - The total market capitalization is approximately 49.445 billion yuan, with a current price of 62.93 yuan [6].