Autobio(SH:603658) Zhongyuan Securities·2024-09-05 12:31Investment Rating - The report assigns an "Accumulate" rating to the company, indicating an expected relative price increase of 5% to 15% compared to the CSI 300 index over the next six months [2][17]. Core Viewpoints - Antu Biology, established in 1998, is a leading enterprise in the domestic IVD sector, focusing on the research, manufacturing, integration, and service of in vitro diagnostic reagents and instruments [2]. - The company has strengthened its R&D investments, which are expected to drive long-term growth, despite anticipated slowdowns in revenue growth for immunodiagnostic and biochemical diagnostic reagents due to domestic IVD centralized procurement and DRG policies [6][2]. - The company achieved a revenue of 2.207 billion yuan in the first half of 2024, a year-on-year increase of 4.70%, with a net profit of 620 million yuan, reflecting a growth of 13.49% [2][3]. Summary by Sections Company Overview - Antu Biology specializes in a wide range of diagnostic fields, including immunology, microbiology, biochemistry, molecular diagnostics, and coagulation, and has expanded into precision testing areas such as sequencing and mass spectrometry [2]. Financial Performance - In the first half of 2024, the company reported a gross margin of 65.37%, an increase of 1.72 percentage points year-on-year [3]. - The sales revenue from the reagent segment was 1.857 billion yuan, with a gross margin of 71.50%, while the instrument segment generated 275 million yuan, with a gross margin of 37.43% [6][3]. R&D and Product Development - As of June 30, 2024, the company holds 1,575 patents, including 60 international patents, and has obtained 774 product registration certificates [3]. - The company has developed new product series in the reagent field, enhancing its product lineup and brand influence [3]. Market Outlook - The report forecasts earnings per share of 2.59 yuan, 2.81 yuan, and 3.55 yuan for 2024, 2025, and 2026, respectively, with corresponding dynamic price-to-earnings ratios of 15.56, 14.34, and 11.35 [6][7].