Autobio(SH:603658) ZHONGTAI SECURITIES·2024-04-22 02:32Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 54.28 CNY [2] Core Views - The company achieved operating revenue of 4,444 million CNY in 2023, a slight increase of 0.05% year-on-year, while the net profit attributable to shareholders was 1,217 million CNY, reflecting a growth of 4.28% [7][11] - Excluding COVID-19 testing-related revenue, the company's conventional operating revenue grew approximately 16.64% year-on-year in 2023 [7] - The company is expected to see continued recovery in its conventional business, with projected revenue growth rates of 22% for 2024-2026 [2][18] Financial Performance Summary - Revenue Forecasts: - 2022A: 4,442 million CNY - 2023A: 4,444 million CNY - 2024E: 5,402 million CNY (22% growth) - 2025E: 6,592 million CNY (22% growth) - 2026E: 8,038 million CNY (22% growth) [2] - Net Profit Forecasts: - 2022A: 1,167 million CNY - 2023A: 1,217 million CNY - 2024E: 1,558 million CNY (28% growth) - 2025E: 1,898 million CNY (22% growth) - 2026E: 2,301 million CNY (21% growth) [2] - Earnings Per Share: - 2023A: 2.08 CNY - 2024E: 2.66 CNY - 2025E: 3.24 CNY - 2026E: 3.92 CNY [2] - Return on Equity: - 2022A: 15% - 2023A: 14% - 2024E: 15% - 2025E: 16% - 2026E: 16% [2] Business Highlights - The company reported a sales revenue of 38.15 billion CNY from reagents in 2023, an increase of 8.06% year-on-year, while instrument sales revenue was 4.82 billion CNY, a decrease of 32.99% [18] - The company has increased its R&D investment and sales promotion efforts, leading to a rise in expense ratios, with a gross margin of 65.07% in 2023, up 5.23 percentage points year-on-year [15] - The company is expected to see strong growth in its chemical luminescence and biochemical businesses, with projected growth rates of 20-30% and 15-25% respectively in 2024 [18]