SNIBE(SZ:300832) EBSCN·2024-04-28 10:02Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 1.021 billion yuan in Q1 2024, representing a year-on-year growth of 16.62%. The net profit attributable to the parent company was 426 million yuan, up 20.04% year-on-year, while the net profit excluding non-recurring items reached 399 million yuan, growing by 25.49% [1][2]. - The company continues to focus on its large machine strategy, with significant contributions from reagent sales, which grew by 26.42% year-on-year. The sales/installations of the fully automated chemiluminescence instrument MAGLUMIX8 reached 220 units in Q1 2024 [2]. - R&D investment increased by 21.96% year-on-year to 101 million yuan, accounting for 9.93% of revenue. The company launched new products, including the SATLARS T8 laboratory pipeline, which is expected to boost reagent sales and support long-term revenue growth [2]. - The overseas business saw a substantial increase, with main business revenue growing by 24.95% year-on-year. The company has established 10 wholly-owned subsidiaries in key international markets, enhancing its global market presence [2]. Summary by Relevant Sections Financial Performance - Q1 2024 revenue: 1.021 billion yuan, up 16.62% YoY - Q1 2024 net profit: 426 million yuan, up 20.04% YoY - Q1 2024 net profit excluding non-recurring items: 399 million yuan, up 25.49% YoY [1][2]. Revenue and Profit Forecast - Revenue forecast for 2024-2026: 4.939 billion yuan (2024E), 6.201 billion yuan (2025E), 7.781 billion yuan (2026E) - Net profit forecast for 2024-2026: 2.073 billion yuan (2024E), 2.627 billion yuan (2025E), 3.295 billion yuan (2026E) - EPS forecast for 2024-2026: 2.64 yuan (2024E), 3.34 yuan (2025E), 4.19 yuan (2026E) [3]. Valuation Metrics - Current price: 68.40 yuan - PE ratios for 2024-2026: 26 (2024E), 20 (2025E), 16 (2026E) [4][5].