Autobio(SH:603658) EBSCN·2024-08-23 09:41Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its long-term development [3][7]. Core Insights - The company reported stable overall performance with a 4.70% year-over-year increase in revenue to CNY 2.207 billion for the first half of 2024, and a 13.49% increase in net profit to CNY 620 million [1]. - The company is increasing its R&D investment, which reached CNY 333 million in H1 2024, a 7.18% increase year-over-year, accounting for 15.10% of its revenue [1]. - The company is actively launching new products internationally, showcasing innovations at major global exhibitions [2]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of CNY 2.207 billion, with a breakdown showing reagent revenue at CNY 1.857 billion (up 4.33% YoY) and instrument revenue at CNY 275 million (up 10.84% YoY) [1]. - Domestic revenue was CNY 2.076 billion (up 2.99% YoY), while international revenue surged to CNY 131 million (up 42.21% YoY) [1]. - The company’s net profit for H1 2024 was CNY 620 million, with a non-recurring net profit of CNY 599 million, both reflecting strong growth [1]. R&D and Product Development - The company has a total of 1,575 patents, including 60 international patents, and 774 product registration certificates, with 474 products receiving EU CE certification [1]. - New product developments include a next-generation fully automated microbial mass spectrometry detection system and a nucleic acid mass spectrometry device that has received medical device registration and production licenses [1]. Market Position and Valuation - The company is projected to achieve net profits of CNY 1.518 billion, CNY 1.855 billion, and CNY 2.255 billion for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 15, 12, and 10 [3][4]. - The report highlights the company as a leading player in the domestic chemiluminescence sector with a diversified product portfolio, supporting a positive long-term outlook [3].