Autobio(SH:603658) Ping An Securities·2024-10-27 10:42Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's revenue continues to show a steady growth trend, aligning with market expectations. In the first three quarters of 2024, the company achieved an operating income of 3.38 billion yuan, a year-on-year increase of 4.24%, and a net profit attributable to shareholders of 956 million yuan, up 6.13% year-on-year. In Q3 alone, the operating income was 1.173 billion yuan, reflecting a year-on-year growth of 3.38%, while the net profit attributable to shareholders decreased by 5.18% [2][3] - The company is focusing on its core business and actively expanding its market presence despite facing multiple pressures in the domestic market, such as medical anti-corruption and the expansion of DRGs execution. The revenue growth rate in Q3 remained consistent with the trend observed in the first half of the year [3] - The company has a comprehensive layout in various testing fields, including immunology, microbiology, molecular diagnostics, biochemistry, and mass spectrometry, which provides significant development space. The company has established core competitive advantages in technology innovation, manufacturing quality, resource integration, and customer service over more than two decades [3] - The company successfully launched a series of self-antibody testing products in 2024, with 33 products expected to be launched in the first phase, enhancing product competitiveness. Additionally, the company introduced the high-throughput fully automated biochemical analyzer B2000 series, further enriching its biochemical testing product line [3] Financial Summary - For the fiscal years 2024 to 2026, the company is projected to achieve an EPS of 2.40 yuan, 2.81 yuan, and 3.49 yuan respectively, indicating a positive long-term growth outlook [5] - The company's operating income is expected to grow from 4.444 billion yuan in 2023 to 6.586 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 18.7% [4][6] - The net profit is projected to increase from 1.217 billion yuan in 2023 to 2.031 billion yuan in 2026, reflecting a strong growth trajectory [4][6] - The gross margin is expected to remain stable around 65% over the forecast period, with a slight increase to 66% by 2026 [4][8]