SNIBE(SZ:300832) SINOLINK SECURITIES·2024-08-23 02:08Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.211 billion yuan in the first half of 2024, representing a year-on-year increase of 19%, with a net profit attributable to shareholders of 903 million yuan, up 20% year-on-year [1] - The gross profit margin reached 72.6%, an increase of 1.3 percentage points year-on-year, indicating improved product competitiveness and profitability [1] - The company continues to expand its presence in the high-end market, with significant growth in domestic and overseas sales, particularly in large medical institutions [1] Summary by Sections Performance Overview - In Q2 2024, the company reported revenue of 1.190 billion yuan, a 20% increase year-on-year, and a net profit of 477 million yuan, up 21% year-on-year [1] - The first half of 2024 saw the company's reagent products generate 1.591 billion yuan in revenue, a 21.1% increase, while instrument products contributed 615 million yuan, a 12.4% increase [1] Operational Analysis - The increase in sales of mid-to-large instruments has driven the rise in gross profit margin, with the instrument gross margin increasing by 2.5 percentage points year-on-year [1] - The company has expanded its service to 1,636 tertiary hospitals in China, increasing its coverage rate to 60.20%, which is a 2.7 percentage point increase from the end of 2023 [1] - Overseas revenue reached 796 million yuan, a 23% increase year-on-year, with a notable rise in the sales of automated chemiluminescence instruments [1] Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 2.071 billion yuan, 2.658 billion yuan, and 3.376 billion yuan, respectively, with year-on-year growth rates of 25%, 28%, and 27% [1] - The current price corresponds to a PE ratio of 24, 19, and 15 for the years 2024, 2025, and 2026, respectively, supporting the "Buy" rating [1]