Autobio(603658) 华创证券·2025-05-12 10:35Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 49 yuan [2][8]. Core Views - The company's revenue for 2024 is projected at 4.471 billion yuan, reflecting a slight increase of 0.62% year-on-year, while the net profit attributable to shareholders is expected to be 1.194 billion yuan, down 1.89% [2][4]. - The first quarter of 2025 shows a revenue of 996 million yuan, a decrease of 8.56%, and a net profit of 270 million yuan, down 16.76% [2][4]. - The company plans to distribute a cash dividend of 1.26 yuan per share (before tax) [2]. Financial Summary - Revenue Growth: The company anticipates revenues of 4.658 billion yuan in 2025, 5.287 billion yuan in 2026, and 6.094 billion yuan in 2027, with year-on-year growth rates of 4.2%, 13.5%, and 15.3% respectively [4][9]. - Net Profit: Expected net profits are 1.264 billion yuan in 2025, 1.471 billion yuan in 2026, and 1.727 billion yuan in 2027, with growth rates of 5.9%, 16.3%, and 17.5% respectively [4][9]. - Earnings Per Share (EPS): EPS is projected to be 2.21 yuan in 2025, 2.57 yuan in 2026, and 3.02 yuan in 2027 [4][9]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to be 18 in 2025, 15 in 2026, and 13 in 2027 [4][9]. Business Performance - Product Segmentation: The company's revenue from immunodiagnostics (mainly chemiluminescence) is 2.556 billion yuan in 2024, up 2.91%, while microbiological testing revenue is 361 million yuan, up 11.48% [8]. - Geographical Performance: Domestic revenue is 4.185 billion yuan, down 1.16%, while overseas revenue is 286 million yuan, up 36.57% [8]. - R&D Investment: The R&D expense ratio is 16.37%, with new product launches enhancing the company's high-end product line [8].