CABIO(688089) 信达证券·2025-02-27 14:51Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company reported excellent Q4 performance, exceeding previous expectations, likely due to the normalization of overseas shipments [4]. - Revenue and profit growth in 2024 is driven by both domestic and international markets, supported by new capacity releases and the benefits of new national standards [4]. - The ongoing acquisition of Ouyisheng Bio is expected to enhance the company's multi-omics business model, leveraging AI for data analysis and clinical applications [4]. - The company is projected to continue benefiting from overseas market growth and capacity releases, with potential synergies from the acquisition [4]. Financial Summary - In 2024, the company achieved a total revenue of 555 million yuan, a year-on-year increase of 25.06%, and a net profit attributable to shareholders of 124 million yuan, up 35.25% [2][5]. - The Q4 revenue was 168 million yuan, reflecting a 41.11% year-on-year growth, with a net profit of 39.69 million yuan, up 28.20% [2][5]. - The earnings per share (EPS) for 2024-2026 are projected to be 0.74, 0.84, and 0.99 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 30X, 27X, and 23X [4][5].