SNIBE(SZ:300832) Changjiang Securities·2026-01-28 15:34Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [13]. Core Insights - The company has been deeply engaged in the in vitro diagnostics field for thirty years, establishing a comprehensive product matrix of instruments and reagents with excellent performance. It has expanded horizontally into molecular diagnostics and biochemical diagnostics, solidifying its competitive advantage as a leader in chemiluminescence [3]. - As a pioneer in the overseas expansion of chemiluminescence, the company has seen rapid growth in overseas installations and revenue, exporting to 167 countries and establishing 14 overseas subsidiaries to enhance local operational capabilities. The report anticipates a performance acceleration phase in the next 3-5 years due to increasing domestic localization rates and faster entry into core hospitals and markets abroad [3]. Summary by Relevant Sections Chemiluminescence: Domestic and Overseas Growth - The global immunodiagnostics market is expected to grow from $18.9 billion in 2019 to $27.7 billion by 2024, with a compound annual growth rate (CAGR) of 8.0%. The Chinese market is projected to grow at a CAGR of 11.4% during the same period [8][33]. - In China, the market is expected to recover in 2026 after experiencing a decline in 2025 due to price reductions from centralized procurement and adjustments in value-added tax [8][41]. - The localization rate for chemiluminescence products has room for improvement, with over 70% already under centralized procurement. The localization rates for various categories are 66% for sex hormones, 59% for thyroid function, 53% for tumor markers, and 52% for glucose metabolism [8][47]. Product Performance and Market Share - The company maintains industry-leading product capabilities, with a coverage rate in top-tier hospitals increasing to 61%. It has developed a full range of products, including 12 models of instruments sold globally by mid-2025 [10]. - The innovative detection method has optimized reagent performance, achieving significant improvements in sensitivity and accuracy. The company’s market share in tumor markers and thyroid function projects is expected to grow significantly [10][84]. Overseas Market Localization and Growth - The company has established 14 overseas branches, focusing on localized operations. For example, in India, the company has built a robust agent network, with revenue expected to exceed 200 million yuan by 2024 [11]. - The overseas reagent segment is anticipated to be a significant growth driver, with overseas reagent revenue projected to reach 57% by 2024, compared to 80% in the domestic market [11]. Profit Forecast - The company is expected to achieve net profits of 1.65 billion yuan, 2.0 billion yuan, and 2.41 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 26X, 21X, and 18X [11].