Novogene(SH:688315) ZHESHANG SECURITIES·2025-04-16 09:52Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see accelerated revenue and profit growth in 2025, driven by a steady recovery in demand [1][2] - The company has made significant progress in overseas expansion, with a laboratory established in Japan and a network covering approximately 90 countries, leading to an increase in overseas revenue contribution [2] - Automation systems are expected to maintain high gross margins, with a projected gross margin of 43.7% for 2024 and a focus on cost reduction and efficiency improvements [3][4] Revenue and Profit Growth - In 2024, the company achieved revenue of 2.111 billion yuan (up 5.45% year-on-year) and a net profit of 197 million yuan (up 10.52% year-on-year) [1] - The first quarter of 2025 showed revenue of 502 million yuan (up 7.2% year-on-year) and a net profit of 34 million yuan (up 24.0% year-on-year), indicating a strong recovery [1] - Revenue projections for 2025-2027 are 2.270 billion, 2.554 billion, and 2.887 billion yuan, representing year-on-year growth rates of 7.50%, 12.52%, and 13.03% respectively [5] Profitability - The gross margin for 2024 is expected to be 43.7%, with a slight decrease to 39.5% in Q1 2025, attributed to ongoing automation and cost reduction efforts [3] - The net margin for 2024 is projected at 9.65%, with an increase to 7.19% in Q1 2025, reflecting continued efficiency improvements [4] Financial Forecast - The company is expected to achieve net profits of 222 million, 253 million, and 284 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.53, 0.61, and 0.68 yuan [5][10]