NANOMICRO(SH:688690) Soochow Securities·2024-04-28 23:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark in the next 6 to 12 months [10][15]. Core Insights - The company reported a revenue of 587 million yuan in 2023, a decrease of 16.86% year-on-year, with a net profit attributable to shareholders of 69 million yuan, down 75.08% year-on-year [11][12]. - In Q1 2024, the company achieved a revenue of 154 million yuan, representing a 16.64% increase, and a net profit of 16.89 million yuan, up 36.66% [11][12]. - The company is expected to see significant growth in the coming years, driven by increased demand for its chromatography media and ongoing projects entering the new drug registration phase [13][16]. Financial Summary - The company's total assets are projected to grow from 2,127 million yuan in 2023 to 3,077 million yuan by 2026, with total liabilities increasing from 396 million yuan to 575 million yuan in the same period [5]. - Revenue forecasts for 2024 and 2025 have been adjusted to 946 million yuan and 1,176 million yuan, respectively, with net profit estimates of 183 million yuan and 288 million yuan [16]. - The company's earnings per share (EPS) is expected to rise from 0.45 yuan in 2024 to 0.93 yuan in 2026, reflecting a positive outlook on profitability [10][16].