SNIBE(SZ:300832) Huachuang Securities·2024-04-28 16:02Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 79 yuan, compared to the current price of 70.15 yuan [2]. Core Insights - The company reported Q1 2024 revenue of 1.021 billion yuan, representing a year-on-year increase of 16.62%, and a net profit attributable to shareholders of 426 million yuan, up 20.04% [2]. - The international business continues to grow, with a 24.95% increase in overseas revenue, while domestic revenue grew by 12.17% [2]. - The reagent business has seen a significant increase, with a 26.42% year-on-year growth, while instrument product revenue declined by 3.86% [2]. - The overall gross margin improved to 73.84%, an increase of 5.16 percentage points, attributed to the higher proportion of high-margin reagent business [2]. - The company launched a new laboratory automation line and received FDA approval for its MAGLUMI X3 analyzer and vitamin D assay, enhancing its competitiveness in overseas markets [2]. Financial Summary - For 2024, the company is expected to achieve a net profit of 2.076 billion yuan, a growth of 25.5%, with EPS projected at 2.64 yuan [3][9]. - Revenue forecasts for 2024, 2025, and 2026 are 4.93 billion yuan, 6.26 billion yuan, and 7.90 billion yuan, respectively, with corresponding growth rates of 25.5%, 26.9%, and 26.3% [3][9]. - The company’s total assets are projected to reach 10.448 billion yuan by 2024, with a debt ratio of 7.12% [6][9].