安图生物：业绩短期承压，发光业务维持稳健增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 2.207 billion yuan for the first half of 2024, representing a year-on-year growth of 4.70%. The net profit attributable to shareholders was 620 million yuan, up 13.49% year-on-year, while the net profit after deducting non-recurring gains and losses was 599 million yuan, an increase of 13.69% year-on-year [11][12] - The core business remains stable, with reagent revenue of 1.857 billion yuan (up 4.33% year-on-year) and instrument revenue of 275 million yuan (up 10.84% year-on-year) in the first half of 2024. The company is actively expanding its overseas business, achieving overseas revenue of 130 million yuan, which is a significant increase of 42% year-on-year [11][12] - The company emphasizes R&D investment, with R&D expenses of 333 million yuan in the first half of 2024, reflecting a year-on-year increase of 7.18%. The R&D expense ratio was 15.10%, up 0.35 percentage points [11][12] Financial Summary - For the forecast period from 2024 to 2026, the company is expected to achieve revenues of 4.886 billion yuan, 5.640 billion yuan, and 6.664 billion yuan, with year-on-year growth rates of 10%, 15%, and 18% respectively. The net profit attributable to shareholders is projected to be 1.391 billion yuan, 1.654 billion yuan, and 1.990 billion yuan, with growth rates of 14%, 19%, and 20% respectively [12][15] - The earnings per share (EPS) are forecasted to be 2.39 yuan, 2.85 yuan, and 3.43 yuan for the years 2024, 2025, and 2026 respectively [12][15] - The company maintains a gross margin of 65.37% and a net margin of 28.41% for the first half of 2024, with expectations for improvement in profitability as one-time expenses decrease [11][12]