Autobio(SH:603658) Tai Ping Yang·2024-04-22 01:30Investment Rating - The report maintains a "Buy" rating for Antu Biology (603658) [1][7] Core Views - The company reported better-than-expected profits in Q1 2024, with new products anticipated to drive future growth [1] - In 2023, the company achieved a revenue of 4.444 billion yuan, a slight increase of 0.05% year-on-year, and a net profit of 1.217 billion yuan, up 4.28% year-on-year [4][5] - The first quarter of 2024 saw a revenue of 1.089 billion yuan, representing a growth of 5.09%, and a net profit of 324 million yuan, which is a significant increase of 33.93% year-on-year [4][5] Summary by Sections Financial Performance - In 2023, the company's total revenue was 44.44 billion yuan, with a 16.64% growth when excluding COVID-19 testing revenue [5] - The revenue from immunology products grew by 23.77% to 2.483 billion yuan, while microbiological and biochemical products also showed strong growth [5] - The overall gross margin improved by 5.23 percentage points to 65.07% in 2023, driven by an increase in the proportion of high-margin reagent products [7] Product Development - The company successfully registered 60 new product certificates in 2023, expanding its product range [5] - New instruments, including the AutoChem B801 series and the Autof ms series, received medical device registration, enhancing the company's technological capabilities [5] Regional Performance - Domestic revenue decreased by 1.82% to 41.59 billion yuan, while overseas revenue surged by 60.53% to 2.09 billion yuan [5] Future Projections - Revenue forecasts for 2024-2026 are 51.31 billion yuan, 60.48 billion yuan, and 71.07 billion yuan, with expected growth rates of 15%, 18%, and 18% respectively [7] - Projected net profits for the same period are 1.515 billion yuan, 1.891 billion yuan, and 2.347 billion yuan, with growth rates of 24% for each year [7]