Hangzhou Alltest Biotech (688606) 东吴证券·2025-04-29 14:18Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is recognized as a leading player in the POCT (Point-of-Care Testing) sector, with performance consistently exceeding expectations [1][3] - The company has a strong international market presence, exporting to over 170 countries and regions, with more than 90% of sales coming from overseas [3] - The company has demonstrated significant innovation capabilities, with a total of 196 authorized patents/software copyrights as of 2024, including 35 invention patents [3] Financial Performance Summary - For 2024, the company achieved total revenue of 866.58 million yuan, a year-on-year increase of 14.83% [9] - The net profit attributable to shareholders for 2024 was 302.47 million yuan, up 67.5% year-on-year [9] - The earnings per share (EPS) for 2024 is projected at 3.82 yuan, with future projections of 4.55 yuan for 2025 and 6.17 yuan for 2026 [1][10] Revenue and Profit Forecast - The company expects to generate revenues of 1,130.36 million yuan in 2025 and 1,490.89 million yuan in 2026, with corresponding net profits of 361.10 million yuan and 489.49 million yuan [1][10] - The projected EPS for 2025 and 2026 is 4.55 yuan and 6.17 yuan respectively, with a P/E ratio of 14.26 and 10.52 [1][10] Market Position and Strategy - The company has a competitive edge in high-end markets, particularly in Europe for drug testing products, and is actively expanding its customer base through participation in international industry exhibitions [3][9] - The company’s product portfolio is diverse, with significant contributions from infectious disease testing and drug abuse detection products, which saw revenue growth rates of 33.07% and 13.70% respectively in 2024 [9]