SNIBE(300832) KAIYUAN SECURITIES·2025-01-21 09:26Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is a leader in the domestic chemiluminescence solutions market, with a comprehensive product matrix and strong competitive advantages. It has been expanding its overseas presence and is expected to see significant profit growth in the coming years [4][5][6] Summary by Sections Company Overview - The company has been dedicated to the development, production, and sales of in vitro diagnostic products since its establishment in 1995. It successfully developed China's first fully automated chemiluminescence immunoassay analyzer in 2008, breaking the foreign monopoly in the market [13][14] - The company has established four major technology platforms for research and development, ensuring a diverse product offering to meet various customer needs [14][20] Market Potential - The chemiluminescence market in China has significant growth potential, with a market size exceeding 400 billion yuan in 2022 and a CAGR of 21.67% from 2018 to 2022. The market is primarily dominated by foreign brands, indicating substantial room for domestic players to capture market share [5][12] - The immunodiagnostic market is the largest segment of the IVD market in China, accounting for 42.45% of the market share in 2023, with a total market size of 503 billion yuan [45][46] Product Development - The company has launched the MAGLUMI X8, the world's first chemiluminescence analyzer with a detection speed of 600 tests per hour, and plans to release the MAGLUMI X10 with a speed of 1000 tests per hour in 2024 [6][14] - The product matrix includes a wide range of reagents, with 202 items available globally, and the company is actively developing upstream raw materials to enhance cost efficiency and production capacity [6][14] Financial Performance - The company has shown robust financial growth, with a projected revenue of 4.67 billion yuan in 2024, representing a year-on-year growth of 18.9%. The net profit is expected to reach 1.91 billion yuan, with a net profit margin of 40.9% [8][26] - The gross margin has remained stable above 70%, and the company is expected to see improvements in profitability as the sales of its X series and mid-to-large chemiluminescence instruments increase [32][34] Overseas Expansion - The company has established a strong presence in overseas markets, with over 20,945 chemiluminescence analyzers sold internationally, surpassing domestic sales. It has set up 10 overseas subsidiaries to enhance local operational capabilities [7][36] - The overseas revenue is expected to continue growing, with the proportion of overseas reagent sales increasing to 58.04% of total overseas revenue in 2023 [36][37]