HOB BIOTECH(SH:688656) Xinda Securities·2025-03-28 08:23Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook with expected revenue growth and profit recovery in the coming years [1]. Core Insights - The company achieved a revenue of 402 million yuan in 2024, reflecting 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, and new business investments are increasing, leading to short-term profit pressure. The revenue from allergy reagent products was 212 million yuan (up 0.46% YoY), and from autoimmune reagent products was 154 million yuan (up 3.42% YoY) [2]. - The company is expanding into desensitization drugs and has partnered with China National Pharmaceutical Group to create a comprehensive precision diagnosis 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 significant growth rates [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. The management expense ratio was 16.31%, and the sales expense ratio was 23.43% [2]. - The company’s total revenue for 2023 was 394 million yuan, with a growth rate of 23.1%. The projected revenue for 2025 is 451 million yuan, with a growth rate of 12.2% [3]. - The earnings per share (EPS) for 2024 is projected at 0.58 yuan, with a price-to-earnings (P/E) ratio of 154.55 [3].