SNIBE(SZ:300832) Ping An Securities·2025-08-27 03:32Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Views - The company's revenue growth aligns with expectations, facing short-term pressure in the domestic market due to DRG/DIP reforms and centralized procurement, while the overseas market shows strong performance [4][5]. - The domestic market revenue for H1 2025 was 1.229 billion yuan, down 12.81% year-on-year, with the domestic reagent business declining by 18.96% due to price drops from inter-provincial alliance procurement and reduced testing volumes [4]. - The overseas market revenue reached 0.952 billion yuan in H1 2025, up 19.57% year-on-year, driven by a 36.86% increase in reagent business due to rising instrument installations [5]. Financial Summary - For H1 2025, the company achieved operating revenue of 2.185 billion yuan, down 1.18% year-on-year, and a net profit of 0.771 billion yuan, down 14.62% year-on-year [3]. - The company projects operating revenues of 4.989 billion yuan, 6.011 billion yuan, and 7.225 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.0%, 20.5%, and 20.2% [6][12]. - The net profit is expected to be 1.921 billion yuan, 2.381 billion yuan, and 2.953 billion yuan for the same years, with growth rates of 5.0%, 24.0%, and 24.0% respectively [6][12]. Market Position and Strategy - The company continues to expand its high-end product matrix, with flagship machines leading the market and a total installation of 4,300 units by H1 2025 [8]. - The company has established operations in 14 core countries, enhancing its global brand presence and transitioning to a deeper operational phase in overseas markets [5][8]. - The company is focusing on increasing sales and R&D investments to support long-term growth, despite short-term performance pressures [8].