Investment Rating - The report gives the company an "Accumulate" rating for the first time [6][61]. Core Viewpoints - The company is a leading enterprise in the domestic chromatography purification equipment sector, focusing on providing specialized separation and purification equipment, consumables, and technical solutions for the pharmaceutical and life sciences industries [6][11]. - The small molecule liquid chromatography equipment market in China is expected to continue growing, with a projected market size of 5.2 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 17.2% from 2023 [6][40]. - The company possesses a competitive advantage through differentiated technology, having developed a range of core technologies and a comprehensive product matrix to meet various customer needs in drug separation and purification [6][57]. Summary by Sections Company Overview - The company was established in 1998 and has focused on chromatography technology, aiming to become the leading brand in the international chromatography industry [6][11]. - The company has a strong market position in the domestic chromatography purification equipment market, with a significant share in both small and large molecule drug purification equipment [6][21]. Financial Performance - From 2020 to 2024, the company's revenue grew from 302 million yuan to 691 million yuan, with a CAGR of 22.96%, while net profit increased from 9 million yuan to 79 million yuan, with a CAGR of 69.31% [6][20]. - The company's gross margin improved from 35.58% in 2020 to 42.49% in 2024, indicating enhanced profitability [6][28]. Market Trends - The global chromatography purification industry is steadily growing, driven by increasing demand from the biopharmaceutical sector and advancements in chromatography technology [6][30]. - The domestic chromatography medium market is expected to grow significantly, with a projected market size of 20.3 billion yuan by 2026, reflecting a CAGR of 21.92% from 2023 [6][46]. Competitive Position - The company has established a strong brand presence and is recognized as a key player in the domestic market, competing effectively with international brands [6][56]. - The company has a high market share in the small molecule liquid chromatography equipment sector, ranking second among domestic brands with a market share of approximately 12.7% [6][58].
汉邦科技（688755）：国内色谱纯化装备领域的领先企业