HOB BIOTECH(SH:688656) Xinda Securities·2025-03-28 08:04Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for future revenue and profit growth, suggesting a favorable investment perspective [1][2]. Core Viewpoints - The company achieved a revenue of 402 million yuan in 2024, representing a year-over-year growth of 2.01%, while the net profit attributable to the parent company was 37 million yuan, down 22.24% year-over-year [1][2]. - The traditional IVD business is stable, with significant contributions from allergy and autoimmune testing product lines, while new business investments are expected to pressure short-term profits [2]. - The company is expanding its product pipeline in allergy detection and autoimmune disease testing, collaborating with China National Pharmaceutical Group to develop desensitization drugs, which aligns with its goal of creating a comprehensive diagnostic and treatment ecosystem [2]. - Revenue forecasts for 2025-2027 are projected at 451 million, 507 million, and 574 million yuan, with corresponding net profits of 47 million, 60 million, and 77 million yuan, indicating growth rates of 12.2%, 12.2%, and 13.4% respectively [2][3]. Financial Summary - In 2024, the company reported a gross margin of 63.92%, an increase of 1.80 percentage points year-over-year, despite a decline in net profit due to increased investment in new business and rising operational costs [2][3]. - The management expense ratio was 16.31%, up 4.83 percentage points year-over-year, while the sales expense ratio was 23.43%, down 0.42 percentage points year-over-year [2]. - The company’s earnings per share (EPS) for 2024 was 0.58 yuan, with a projected P/E ratio of 154.55 for the same year [3].