BSBE(SZ:300406) ZHONGTAI SECURITIES·2024-05-06 02:00Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company's performance remains stable under policy influences, with a positive outlook on its pathology business and empowerment from national reforms [2]. - The pathology business is expected to maintain rapid growth due to its essential demand, while the biochemical business is anticipated to face short-term pressure due to high base effects from increased diagnostic testing needs following the lifting of pandemic restrictions [7][26]. Financial Performance Summary - For Q1 2024, the company achieved operating revenue of 393.89 million, a year-on-year increase of 5.49%, and a net profit attributable to the parent company of 120.65 million, reflecting an 8.67% year-on-year growth [1][7]. - The company's gross profit margin for Q1 2024 was 30.52%, with a net profit margin of 10.89%, both showing improvements compared to previous periods [7][26]. - The company forecasts operating revenues of 2,013 million in 2024, with a growth rate of 16%, and net profits of 601 million, with a growth rate of 15% [7][26]. Financial Metrics - The company’s financial metrics indicate a steady increase in revenue and net profit over the years, with projected revenues reaching 2,895 million by 2026 [7][26]. - The report highlights a consistent improvement in the company's gross profit margin and net profit margin, indicating effective cost management and operational efficiency [7][26]. Business Outlook - The report emphasizes the ongoing high demand in the pathology sector and the expected recovery in diagnostic needs, which will support the company's growth trajectory [2][7]. - The company is positioned to benefit from ongoing national reforms, which are expected to enhance its competitive edge and operational capabilities [7][26].