Autobio(603658) 海通国际·2024-03-10 16:00Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of Rmb 66.41 [1][3]. Core Insights - The company, Autobio Diagnostics, has established a comprehensive layout in the IVD (in vitro diagnostics) sector, showing strong growth and a significant market presence. The company has seen its revenue grow from Rmb 1.4 billion in 2017 to Rmb 4.442 billion in 2022, with a 5-year CAGR of 25.98%. Net profit has also increased from Rmb 447 million to Rmb 1.167 billion during the same period, with a 5-year CAGR of 21.16% [2][9]. - The IVD market in China is expected to reach Rmb 219.8 billion by 2025, with a CAGR of 15.38% from 2020 to 2025, indicating a faster growth rate than the overall medical device market [14][15]. - The company has successfully participated in a significant inter-provincial procurement initiative, securing the highest number of bids among domestic diagnostic reagent manufacturers, which positions it favorably in the market [18]. Summary by Sections Company Overview - Autobio Diagnostics was founded in 1998 and focuses on the research, manufacturing, integration, and service of in vitro diagnostic reagents and instruments. It became the first domestic IVD company listed on the Shanghai Stock Exchange in 2016 [2][8]. - The company offers a wide range of products across various testing fields, including immunology, microbiology, biochemistry, molecular diagnostics, and coagulation, providing comprehensive solutions for medical laboratories [2][12]. Industry Growth - The IVD industry in China is projected to grow at a CAGR of 24.32% from 2020 to 2025, highlighting significant market potential [14]. - The immunodiagnostics segment is the largest within the IVD market, with a market size of Rmb 27.8 billion in 2020, accounting for 25.9% of the total IVD market [16]. Product Performance - The company has a robust product pipeline and has achieved significant growth in its molecular diagnostics segment, with a growth rate exceeding 200% in recent years. Immunodiagnostics remain the core revenue source, contributing over 60% of total revenue [19][21]. - The company has established a strong presence in the chemical luminescence market, with a comprehensive product line that competes effectively with international players [20][23]. Financial Projections - The report forecasts EPS for 2023, 2024, and 2025 to be Rmb 2.05, Rmb 2.66, and Rmb 3.20, respectively, with net profit growth rates of 3.1%, 29.4%, and 20.4% [3][29]. - The company is expected to maintain steady growth in its reagent and instrument segments, with projected growth rates around 20% for both categories in the coming years [29].