Hangzhou Alltest Biotech (688606) Soochow Securities·2025-03-02 05:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous performance exceeding expectations, with a focus on the POCT (Point of Care Testing) market, demonstrating strong operational improvements and market expansion strategies [1][7] - The company reported a revenue of 870 million yuan for 2024, representing a year-on-year growth of 15.25%, and a net profit attributable to shareholders of 304 million yuan [1][7] - The company aims for a revenue target of 850 million to 1.26 billion yuan from 2024 to 2026, with a compound annual growth rate of 18.6% [1][7] Financial Performance Summary - Total revenue (in million yuan) for 2022A was 3,388.57, with projections of 754.70 for 2023A, 869.79 for 2024E, 1,130.36 for 2025E, and 1,490.89 for 2026E [1][8] - Net profit (in million yuan) for 2022A was 1,184.92, with projections of 180.58 for 2023A, 303.54 for 2024E, 350.62 for 2025E, and 451.17 for 2026E [1][8] - The latest diluted EPS (in yuan/share) is projected to be 3.83 for 2024E, 4.42 for 2025E, and 5.69 for 2026E [1][8] Market Position and Strategy - The company specializes in the research, production, and sales of in vitro diagnostic reagents, with a strong presence in over 160 countries, particularly in Europe and the United States [1][7] - The company has developed 25 new raw materials in 2023, with 4 being domestic firsts, enhancing its competitive edge [1][7] - The company emphasizes internal management and cost control, leading to improved operational efficiency and cash flow [1][7]