Autobio(SH:603658) Huafu Securities·2024-04-21 02:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 65.48 CNY for 2024 [1][3]. Core Views - The company's Q1 profit exceeded expectations, with a notable growth in revenue and net profit [1]. - The internal business growth remains stable, and the improvement in business structure has enhanced profit levels [1]. - The company is positioned as a pioneer in the IVD platform in China, with strong potential for future acceleration [1]. Financial Performance Summary - For the year 2023, the company reported a total revenue of 4.44 billion CNY, a slight increase of 0.05%, with a 16.6% growth when excluding COVID-19 testing revenue. The net profit attributable to the parent company was 1.22 billion CNY, up 4.3% [1][6]. - In Q1 2024, revenue reached 1.09 billion CNY, reflecting a year-on-year increase of 5.1%, while the net profit attributable to the parent company surged by 33.9% to 324 million CNY [1][6]. - The reagent business generated 3.81 billion CNY in revenue for 2023, with a gross margin of 70.94%, while instrument revenue fell to 480 million CNY, with a gross margin of 33.54% [1][6]. Business Segment Analysis - The immunodiagnostics segment saw revenue of 2.48 billion CNY, growing by 23.8%, with a gross margin increase to 80.1% [1]. - The microbiological testing segment reported revenue of 320 million CNY, up 18.7%, maintaining a gross margin of 45.08% [1]. - The biochemical testing segment achieved revenue of 250 million CNY, with a growth of 20.54% and a slight gross margin increase to 63.4% [1]. Geographic Revenue Breakdown - Domestic revenue was 4.16 billion CNY, down 1.82%, but with a gross margin improvement to 67.39% [1]. - International revenue reached 210 million CNY, marking a significant increase of 60.5%, with a gross margin rise to 37.8% [1]. Future Earnings Forecast - The company is projected to have EPS of 2.6 CNY, 3.2 CNY, and 4.0 CNY for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 21, 17, and 14 [1][6].