Autobio(SH:603658) 光大证券研究·2025-04-22 08:55Core Viewpoint - The company reported a slight increase in revenue for 2024 but faced a decline in net profit, indicating pressure on its financial performance while maintaining a stable gross margin [2][3]. Financial Performance - In 2024, the company achieved revenue of 4.471 billion, a year-on-year increase of 0.62% - The net profit attributable to shareholders was 1.194 billion, a year-on-year decrease of 1.89% - The net profit excluding non-recurring items was 1.099 billion, down 7.30% year-on-year - For Q1 2025, revenue was 996 million, a year-on-year decline of 8.56% - The net profit attributable to shareholders for Q1 2025 was 270 million, down 16.76% - The net profit excluding non-recurring items for Q1 2025 was 257 million, a decrease of 18.19% [2]. Gross Margin Analysis - The company's gross margin improved to 65.41%, an increase of 0.34 percentage points year-on-year - Revenue from reagent products was 3.797 billion, a slight decline of 0.48%, with a gross margin of 70.94% - Instrument revenue grew by 8.85% year-on-year, with a gross margin of 37.93% - Overseas business showed strong performance, achieving revenue of 284 million, a year-on-year increase of 36.25% [3]. R&D Investment - R&D investment reached 732 million in 2024, an increase of 11.55%, accounting for 16.37% of total revenue - The company obtained 144 new product registration certificates, enhancing its product portfolio - New products launched include the AutoChem B2000 and B8000 series in biochemical diagnostics and the Autof T series in microbiological testing, which are expected to drive revenue growth [4]. International Expansion and AI Development - The company is actively expanding its overseas business, with products now available in over 100 countries across Asia, Europe, North America, South America, and Africa - In AI, the company introduced a smart construction plan for regional medical testing centers and developed an "AI Clinical Decision Support System" tailored for medical laboratories and clinical decision-making - These strategic initiatives are aimed at enhancing the company's competitive edge and market influence [5].