Autobio(SH:603658) Huachuang Securities·2025-09-15 09:41Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 51 yuan [2][8]. Core Views - The company's revenue for the first half of 2025 was 2.06 billion yuan, a decrease of 6.65% year-on-year, while the net profit attributable to the parent company was 571 million yuan, down 7.83% [2]. - In Q2 2025, the company achieved revenue of 1.064 billion yuan, a decline of 4.79%, but the net profit attributable to the parent company increased by 1.97% to 301 million yuan, indicating a quarter-on-quarter improvement [2]. - The domestic luminous business is under pressure, but there was a sequential improvement in Q2 [2][8]. - The company continues to focus on R&D, with an investment of 350 million yuan in the first half of 2025, accounting for 16.99% of revenue [8]. Financial Summary - For 2025, the company is projected to achieve total revenue of 4.658 billion yuan, with a year-on-year growth rate of 4.2% [4]. - The net profit attributable to the parent company is expected to be 1.264 billion yuan in 2025, reflecting a growth rate of 5.8% [4]. - The earnings per share (EPS) for 2025 is estimated at 2.21 yuan, with a price-to-earnings (P/E) ratio of 19 times [4]. - The company’s total assets are projected to reach 12.306 billion yuan by 2025, with a debt-to-equity ratio of 9.9% [9]. Business Performance - Domestic revenue in the first half of 2025 was 1.904 billion yuan, down 8.32%, while overseas revenue increased by 19.78% to 157 million yuan [8]. - The company has accelerated its global expansion, entering over 100 countries and regions, and has established subsidiaries in Hong Kong, Hungary, and Indonesia to enhance local operations [8]. - The company has launched several innovative products, including a series of gene sequencers and an AI-assisted clinical decision-making system [8].