SNIBE(SZ:300832) Xinda Securities·2025-05-02 15:06Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and market positioning [1][2]. Core Insights - The company achieved a revenue of 4.535 billion yuan in 2024, representing a year-over-year growth of 15.41%, with a net profit of 1.828 billion yuan, up 10.57% year-over-year [1][2]. - The increase in the proportion of large machines has been a significant driver for both domestic and international business growth, with domestic revenue reaching 2.849 billion yuan (up 9.24% YoY) and international revenue at 1.686 billion yuan (up 27.60% YoY) [2]. - The company is focusing on enhancing its product matrix and R&D investments to solidify its position as a provider of comprehensive laboratory solutions, with notable advancements in high-end luminescence technology [2]. Financial Performance Summary - In 2024, the company reported total revenue of 45.35 billion yuan, with a net profit of 18.28 billion yuan and a net cash flow from operating activities of 13.56 billion yuan [1][3]. - The projected revenues for 2025, 2026, and 2027 are 51.63 billion yuan, 60.74 billion yuan, and 72.20 billion yuan, respectively, with corresponding net profits of 20.12 billion yuan, 24.29 billion yuan, and 30.28 billion yuan [2][3]. - The gross margin is expected to be around 70.4% in 2025, with a return on equity (ROE) of 21.2% [3].