Autobio(SH:603658) EBSCN·2024-04-22 01:32Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company experienced a high growth in Q1 2024, with a significant increase in net profit compared to the previous year [2] - The company is steadily expanding its domestic and international markets through strategic partnerships and product diversification [3] - The revenue growth in 2023 was modest, primarily due to a decline in demand for COVID-19 testing products, but excluding this impact, revenue growth was approximately 16.64% [2][3] Summary by Sections Market Data - Total shares outstanding: 586 million - Total market capitalization: 31.823 billion - One-year price range: 41.01 to 66.36 CNY - Three-month turnover rate: 38.72% [1] Financial Performance - In 2023, the company achieved revenue of 4.444 billion CNY, a year-on-year increase of 0.05%, and a net profit of 1.217 billion CNY, up 4.28% [2] - For Q1 2024, revenue reached 1.089 billion CNY, growing by 5.09%, and net profit was 324 million CNY, a significant increase of 33.93% [2] - R&D investment in 2023 was 656 million CNY, reflecting a growth of 15.42% [2] Strategic Developments - The company has formed strategic partnerships with several enterprises and associations, enhancing its market presence [3] - Participation in major exhibitions such as CACLP and Medlab Middle East has been noted, indicating active efforts to expand internationally [3] - The establishment of the Shanghai Experimental Medicine Research Institute's Bioinformatics Research Institute aims to promote integration of industry, academia, and research [3] Profit Forecast and Valuation - The profit forecasts for 2024 and 2025 have been slightly adjusted downwards to 1.518 billion CNY and 1.855 billion CNY, respectively, due to anticipated impacts from industry procurement policies [3] - The current price corresponds to a PE ratio of 21 for 2024, 17 for 2025, and 14 for 2026, reflecting the company's leading position in the domestic chemiluminescence sector [3]