Autobio(SH:603658) Ping An Securities·2024-04-19 10:00Investment Rating - The report maintains a "Recommendation" rating for the company [2][6][8] Core Views - In 2023, the company achieved a revenue of 4.444 billion yuan, showing a year-on-year growth of 0.0%. However, when excluding approximately 650 million yuan of COVID-related revenue from 2022, the revenue growth is approximately 16% [6][8] - The gross margin improved by 5.2 percentage points to 65.1% in 2023, driven by an increase in high-margin immunodiagnostic reagent sales, which accounted for 55.9% of total revenue, up 10.7 percentage points [6][8] - In Q1 2024, the company reported a revenue of 1.089 billion yuan, reflecting a year-on-year growth of 5.1%, with net profit increasing by 33.9% to 324 million yuan [6][8] Summary by Sections Financial Performance - 2023 Revenue: 4.444 billion yuan (YoY +0.0%); Net profit: 1.217 billion yuan (YoY +4.3%); Net profit excluding non-recurring items: 1.185 billion yuan (YoY +5.9%) [5][6] - Q1 2024 Revenue: 1.089 billion yuan (YoY +5.1%); Net profit: 324 million yuan (YoY +33.9%); Net profit excluding non-recurring items: 314 million yuan (YoY +33.2%) [5][6] Dividend Proposal - The company proposed a cash dividend of 10.50 yuan per 10 shares (including tax), representing 50% of the net profit attributable to shareholders [5][6] Future Projections - Revenue projections for 2024E: 5.167 billion yuan (YoY +16.3%); Net profit projections for 2024E: 1.474 billion yuan (YoY +21.1%) [7][10] - EPS projections for 2024E: 2.51 yuan, increasing to 3.54 yuan by 2026E [7][10]