SNIBE(SZ:300832) Guoxin Securities·2025-05-13 09:25Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company's overseas business has become a core growth driver, with a significant increase in instrument installations and reagent sales. The T8 automated production line has shown promising results in its first year [2][4][19]. - Revenue for 2024 is projected to grow by 15.4% to 45.35 billion, with a net profit of 18.28 billion, reflecting a 10.6% increase. The first quarter of 2025 is expected to see a 10.1% revenue growth [10][4]. - The company maintains a strong gross profit margin of 72.07% despite a slight decline due to product mix changes, and it continues to exhibit robust profitability [20][3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 45.35 billion (+15.4%) and a net profit of 18.28 billion (+10.6%). The first quarter of 2025 saw a revenue of 11.25 billion (+10.1%) and a net profit of 4.38 billion (+2.6%) [10][4]. - The gross profit margin for 2024 was 72.07%, with a slight decrease of 0.89 percentage points, while the net profit margin was 40.32% [20][3]. Revenue Breakdown - Domestic revenue for 2024 is expected to be 28.43 billion (+9.32%), with reagent sales growing by 9.87%. Overseas revenue is projected at 16.84 billion (+27.67%), driven by increased instrument installations [2][4][19]. - The company sold 4,017 instruments overseas, with high-end models making up 67.16% of sales, indicating a strong brand presence in international markets [2][4]. Future Outlook - The company plans to continue expanding its instrument installations and optimizing its product mix, with the T8 production line expected to enhance its market position in large medical terminals [4][24]. - Profit forecasts for 2025-2027 have been adjusted to 20.37 billion, 24.31 billion, and 28.84 billion respectively, reflecting a growth rate of 11.4%, 19.4%, and 18.6% [4][5].