Autobio(SH:603658) SINOLINK SECURITIES·2025-05-07 07:45Investment Rating - The report gives a "Buy" rating for the company with a target price of 47.95 RMB per share based on a 21x PE valuation for 2025 [4] Core Insights - The company is a leading player in the domestic in vitro diagnostic industry, primarily focusing on immunodiagnostic products, and is expected to benefit from the ongoing procurement policies and the introduction of high-speed analyzers [2][32] - The company has successfully won bids in the collective procurement process across 28 provinces, which is anticipated to accelerate the domestic market share growth [52][56] - The international market expansion is underway, with overseas sales projected to reach 286 million RMB in 2024, reflecting a year-on-year growth of 36.6% [3] Summary by Sections Investment Logic - The collective procurement is driving industry transformation, and the promotion of high-speed analyzers is expected to enhance market share [2] - The company is diversifying its business model by integrating automation in laboratories, molecular diagnostics, and microbial mass spectrometry [2] International Market Expansion - The global in vitro diagnostic market exceeds 100 billion USD, and the company is gradually entering various regions including the Middle East, Asia, and Europe [3] Profit Forecast and Investment Recommendations - The projected net profits for 2025-2027 are 1.305 billion, 1.566 billion, and 1.884 billion RMB, with growth rates of 9%, 20%, and 20% respectively [4] - The company is expected to maintain a stable growth trend despite short-term impacts from price adjustments due to collective procurement [14] Company Overview - The company has established a strong presence in the immunodiagnostic sector, with a focus on technological innovation and high-quality manufacturing [14][28] - The revenue from reagent products is projected to be 3.797 billion RMB in 2024, accounting for 84.9% of total revenue [15]