Shanghai Aladdin Biochemical Technology (688179) KAIYUAN SECURITIES·2025-03-05 10:48Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][16] Core Views - The company achieved a robust revenue growth of 34.61% year-on-year in 2024, with total revenue reaching 542 million yuan and a net profit attributable to shareholders of 99 million yuan, reflecting a 15.38% increase [5] - The partnership with Merck Life Science is expected to significantly enhance the company's international market expansion and brand recognition, marking a new phase in its growth trajectory [6] - The integration of the subsidiary Yuan Ye Bio into the company's financials is anticipated to bolster revenue and profit, contributing 31.68 million yuan to revenue and 5.94 million yuan to net profit in the first half of 2024 [7] Financial Summary - Revenue projections for 2024, 2025, and 2026 are 542 million yuan, 624 million yuan, and 717 million yuan respectively, with year-on-year growth rates of 34.6%, 15.0%, and 15.0% [8] - The net profit attributable to shareholders is forecasted to be 99 million yuan in 2024, 143 million yuan in 2025, and 189 million yuan in 2026, with corresponding growth rates of 15.1%, 45.2%, and 32.0% [8] - The company's gross margin is expected to improve from 62.5% in 2024 to 63.0% in 2025 and remain stable through 2026 [8] - The earnings per share (EPS) are projected to be 0.36 yuan in 2024, 0.52 yuan in 2025, and 0.68 yuan in 2026, with the current price-to-earnings (P/E) ratios being 44.7, 30.8, and 23.3 respectively [5][8]