NANOMICRO(688690) Xinda Securities·2025-04-25 08:23Investment Rating - The report assigns a "Buy" rating for the stock, indicating a strong performance relative to the benchmark index [18]. Core Insights - The core business of the company, specifically chromatography fillers and chromatography media, has shown significant recovery, with overseas business achieving major breakthroughs, indicating promising future growth [3][4]. Financial Performance - In 2024, the company achieved total revenue of 782 million, a year-on-year increase of 33.33%, and a net profit attributable to the parent company of 83 million, up 20.82% [1][9]. - For Q1 2025, the company reported revenue of 189 million, a 22.39% increase year-on-year, and a net profit of 29 million, reflecting a 72.98% growth [1][9]. Business Segmentation - The core business of chromatography fillers and chromatography media generated revenue of 451 million in 2024, a 10.20% increase year-on-year, while other segments contributed additional revenue [4]. - The domestic business accounted for 733 million in revenue, a 30.11% increase, while international revenue reached 47 million, a remarkable 122.19% growth [4]. Profitability and Margins - The overall gross margin for 2024 was 70.22%, a decrease of approximately 7.67 percentage points, primarily due to the consolidation of Fuli Instruments [5]. - The gross margin for chromatography fillers and chromatography media remained high at 81.56%, with fluctuations controlled within 3% [5]. Market Opportunities - The company is positioned to benefit from two major opportunities: commercialization scaling and import substitution, particularly in the context of increasing domestic demand for chromatography materials [10][6]. - The number of customers for chromatography fillers and chromatography media increased to 792 in 2024, with significant sales in both large and small molecule projects [6][7]. Strategic Partnerships - The company has deepened strategic partnerships with key clients, resulting in sales of approximately 224 million from strategic biopharmaceutical clients, accounting for about 49.67% of total sales [7]. Future Projections - Revenue projections for 2025-2027 are estimated at 998 million, 1,235 million, and 1,531 million respectively, with net profits expected to reach 151 million, 231 million, and 312 million [11][9].