Autobio(SH:603658) Huachuang Securities·2024-04-23 13:02Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 62 yuan [2]. Core Views - The company achieved a revenue of 4.444 billion yuan in 2023, a slight increase of 0.05%. Excluding COVID-19 testing revenue, the year-on-year growth was 16.64%. The net profit attributable to shareholders was 1.217 billion yuan, up 4.28% [2]. - In Q1 2024, the company reported 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% [2]. - The company’s conventional business showed steady growth, with overseas business expanding rapidly, achieving a 60.53% increase in overseas revenue to 209 million yuan in 2023 [2]. - The overall gross margin improved to 65.07% in 2023, up 5.23 percentage points, driven by an increase in the gross margin of reagent products to 70.94% [2]. - The company launched several new products in 2023, including the AutoChem B801 series and the Autof ms system, which are expected to support long-term growth [2]. Financial Summary - The company’s total revenue for 2023 was 4.444 billion yuan, with a projected revenue of 5.115 billion yuan for 2024, reflecting a year-on-year growth of 15.1% [3]. - The net profit attributable to shareholders for 2023 was 1.217 billion yuan, with forecasts of 1.506 billion yuan for 2024, indicating a growth rate of 23.7% [3]. - Earnings per share (EPS) are projected to be 2.57 yuan in 2024, with a price-to-earnings (P/E) ratio of 22 times [3].