SNIBE(SZ:300832) Tianfeng Securities·2025-11-05 12:43Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company achieved a revenue of 3.428 billion yuan in the first three quarters of 2025, showing a year-on-year stability, while the net profit attributable to the parent company was 1.205 billion yuan, reflecting a decline of 12.92% year-on-year [1]. - Domestic main business revenue decreased by 10.95% year-on-year, while overseas main business revenue increased by 21.07% year-on-year, highlighting a shift towards international markets [2]. - The company continues to invest heavily in R&D, with a research and development expense ratio of 10.86%, up 1.27 percentage points year-on-year, contributing to a gradual recovery in gross margin [3]. - The company is advancing high-end installations, with a total of 4,545 units of MAGLUMI X8 sold, and the introduction of MAGLUMI X10 in Q3 2025, indicating a strong position in the high-end chemiluminescence market [4]. Financial Performance Summary - For 2025, the company is projected to achieve revenues of 4.765 billion yuan, with a net profit of 1.801 billion yuan, reflecting a downward adjustment due to industry pressures from centralized procurement and unbundling of testing packages [4]. - The company’s gross margin for the first three quarters of 2025 was 68.73%, down 3.62 percentage points year-on-year, but showed a sequential improvement in Q3 [3]. - The projected earnings per share (EPS) for 2025 is 2.29 yuan, with a price-to-earnings (P/E) ratio of 27.36 [5].