Investment Rating - The report assigns a "Buy" rating for the company, indicating a favorable outlook compared to the market index [7]. Core Insights - The company specializes in the research, production, sales, and service of laboratory equipment and life science instruments, with a focus on providing comprehensive solutions for laboratory setups [1]. - The company has a stable business model, primarily relying on independent research and a "direct sales + distribution" marketing strategy to enhance channel development and brand recognition [1]. - Financial performance shows a decline in revenue for 2022 and 2023, with a slight recovery in net profit in 2023 compared to 2022 [4]. Financial Summary - Revenue (in million yuan): - 2020: 139.86 - 2021: 159.44 (14.00% YoY growth) - 2022: 142.68 (-10.51% YoY decline) - 2023: 142.27 (-0.29% YoY decline) [1] - Net Profit (in million yuan): - 2020: 21.49 - 2021: 28.16 (31.06% YoY growth) - 2022: 26.41 (-6.22% YoY decline) - 2023: 26.67 (0.99% YoY growth) [1] - Gross Margin: - 2020: 36.14% - 2021: 38.00% - 2022: 40.40% - 2023: 41.00% [1] - Return on Equity (ROE): - 2020: 22.06% - 2021: 26.58% - 2022: 22.41% - 2023: 16.78% [1] - Earnings per Share (EPS): - 2020: 0.50 - 2021: 0.65 - 2022: 0.61 - 2023: 0.62 [1] Market Data - Closing Price (as of November 8, 2024): 24.30 yuan - Total Shares Outstanding: 43.33 million - Net Assets: 192.52 million yuan - Total Assets: 257.71 million yuan - Net Asset per Share: 4.44 yuan [2].
博迅生物：Q3收入承压，毛利率、净利率略有提升