Sansure Biotech(SH:688289) Guotou Securities·2024-05-09 13:00Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 24.78 yuan over the next six months, equivalent to a dynamic price-to-earnings ratio of 40 times for 2024 [10][27]. Core Insights - The respiratory testing business is rapidly developing, driving revenue growth and improving profitability, with significant profit release expected [3][10]. - The company has established a leading position in the respiratory testing product layout, with reagents suitable for general fluorescent PCR instruments, laying a solid foundation for volume growth [4][19]. - The company has demonstrated its ability to maintain a dominant market position amid fierce competition through its product and brand strategy [5][22]. Financial Performance - In 2023, the company achieved a revenue of 1.007 billion yuan, a decrease of 84.39% year-on-year, and a net profit of 364 million yuan, down 81.22% year-on-year. However, the first quarter of 2024 showed a revenue of 391 million yuan, an increase of 100.31% year-on-year, and a net profit of 81 million yuan, up 35.01% year-on-year [17][18]. - The gross margin improved to 88.40%, a rise of 16.52 percentage points, with a comprehensive gross margin of 71.54%, up 12.71 percentage points [18]. - The company expects revenue growth rates of 51.5%, 31.6%, and 26.0% for 2024-2026, with net profit growth rates of 0.2%, 34.5%, and 30.4% respectively [10][27]. Market Position - The company has a comprehensive product layout in the respiratory pathogen detection field, providing a full range of products from outpatient to inpatient settings, and from single tests to multiplex tests [9][19]. - The company has a significant market share, with 70% of laboratories using its respiratory molecular multiplex testing reagents, reflecting its strong competitive position [22][19]. - The company is actively expanding its respiratory testing products and responding to strong demand for whooping cough prevention, which is expected to sustain high growth rates [26][10].