SNIBE(300832) 国盛证券·2024-09-23 11:09Investment Rating - The report initiates coverage with a "Buy" rating for the company [1] Core Views - The company is a pioneer in domestic chemiluminescence, with a well-established product portfolio of instruments and reagents, driving growth through both domestic and international markets [1] - The company has achieved significant breakthroughs in high-end markets with its high-throughput instruments, such as the X8 and X10, and has seen rapid growth in its overseas business [1] - The company's reagent menu is comprehensive, with 202 chemiluminescence reagents available globally, and it has developed a unique advantage in small-molecule sandwich assays [1] - The company's dual-drive strategy in domestic and international markets has led to a CAGR of 38.59% in overseas revenue from 2012 to 2023, with gross margins improving from 57.6% in 2014 to 65.8% in 2023 [1] Financial Performance - Revenue is expected to grow from 4,902 million RMB in 2024E to 7,547 million RMB in 2026E, with a CAGR of 24.0% [2] - Net profit attributable to shareholders is projected to increase from 2,056 million RMB in 2024E to 3,335 million RMB in 2026E, with a CAGR of 27.3% [2] - The company's ROE is expected to rise from 23.3% in 2024E to 24.7% in 2026E, reflecting strong profitability [2] Market Position and Growth Drivers - The company is a leader in the domestic chemiluminescence market, with a strong presence in both instruments and reagents, and has been expanding into new areas such as biochemistry, molecular diagnostics, and coagulation [13][14] - The company has a stable ownership structure, with key management having extensive experience in the industry, which supports its long-term growth strategy [15][16] - The company's overseas business has been growing rapidly, with revenue increasing from 0.36 billion RMB in 2012 to 13.22 billion RMB in 2023, driven by the establishment of 10 overseas subsidiaries and sales in 155 countries and regions [1][18] Industry Overview - The global IVD market is dominated by international players like Roche, Abbott, and Siemens, but domestic companies like the report's subject are rapidly gaining market share [30] - Chemiluminescence is the leading technology in the high-throughput segment of the immunodiagnostics market, accounting for 75% of the market share in 2022 [31] - The domestic IVD market is expected to recover and grow, driven by factors such as aging population, increased healthcare spending, and technological advancements [26] Competitive Advantages - The company has developed a unique small-molecule sandwich assay technology, which offers higher sensitivity compared to competitive methods [1] - The company has a strong R&D platform for key raw materials, which helps reduce reliance on external suppliers and improves reagent performance [1] - The company's high-throughput instruments, such as the X8 and X10, have enabled it to break into high-end markets, with large-scale instruments accounting for 75.13% of domestic installations in 2024H1 [1]