Snibe (300832 CH) Buy: Market share gain despite temporary headwind in domestic market

研报英文原文证据摘录

Snibe (300832 CH) Buy: Market share gain despite temporary headwind in domestic market

ve as near-term catalysts.

52-WEEK PRICE (CNY)

Estimate revisions: We cut our 2026-27e net profit estimates by 2-3% as (1) we cut

our revenue estimates for 2026-27e by 8% each year to factor in the contracted IVD 74.00

market size in the domestic market caused by reagents VBP and diagnostic volume 57.50

control with the implementation of DRG/DIP payment system, and (2) we raise our 41.00

gross profit margin assumptions by 283-288bps for 2026-27e to factor in rising 05/25 11/25 05/26

Target price: 65.00 High: 70.18 Low: 44.82 Current: 47.20

revenue contribution from high-margin reagent business. We also introduce our 2028

estimates. Overall, we expect 13.8%/15.9% 2025-28e revenue/ NP CAGR for Snibe. Source: LSEG IBES, HSBC Qianhai Securities estimates

Improved revenue mix for better growth resilience and margin profile: Driven by Linda Shu*, PhD (Reg. No. S1700522120001)

rising installation of mid-to-large instruments and deeper localisation, we expect Snibe’s Head of China Healthcare Research

HSBC Qianhai Securities Limited

overseas revenue to grow at 19% 2025-28e CAGR, and its contribution to rise from linda.y.l.shu@hsbcqh.com.cn

44% in 2025 to 50% in 2028e, which will help improve the growth resilience of Snibe. +86 755 88983246

As we forecast Snibe’s reagents revenue mix to increase from 72% in 2025 to 78% in Oliver Wang* (Reg. No. S1700523100003)

Analyst, China Healthcare Research

2028e, we expect continued GPM expansion from the 2025 level. However, the IVD HSBC Qianhai Securities Limited

testing price control at China public hospitals may temper reagent business’ margin. oliver.h.y.wang@hsbcqh.com.cn

+86 21 5066 2058