Hangzhou Alltest Biotech (688606) 开源证券·2025-02-27 00:07Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 profit exceeded the upper limit of forecasts, with a revenue of 870 million yuan, representing a year-on-year growth of 15.25%, and a net profit attributable to the parent company of 304 million yuan, up 68.18% year-on-year [4][5] - The company has seen a significant increase in customer numbers and has improved its product gross margin through self-production of raw materials and enhanced automation [4][5] - The company has a strategic focus on developing a biological raw material platform, which effectively reduces production costs and enhances product launch efficiency [6] Financial Summary - In 2024, the company is expected to achieve a net profit of 304 million yuan, with projections for 2025 and 2026 at 373 million yuan and 465 million yuan respectively [7] - The earnings per share (EPS) for 2024 is projected to be 3.83 yuan, with corresponding P/E ratios of 17.9, 14.6, and 11.7 for 2024, 2025, and 2026 respectively [4][7] - The company reported a gross margin of 55.7% for 2024, with a net margin of 34.9% [7]