SNIBE (300832.SZ): China Healthcare Corporate Day 2026 Takeaways

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SNIBE (300832.SZ): China Healthcare Corporate Day 2026 Takeaways

Goldman Sachs SNIBE (300832.SZ)

devices. For the upcoming laboratory service pricing guideline (see our previous note),

the policy rollout has been slower than market expectations per the company, and

management believes an aggressive nationwide price cut to Zhejiang-level pricing is

unlikely. The company’s base case assumes a 5-10% reagent ASP decline if the policy

lands in 2H26; if implementation is delayed, the pricing impact would shift to 2027.

Overseas expansion: Overseas business remains a key growth engine. In 1Q26,

shipment delays caused by geopolitical disruption and high oil prices led to a revenue

shortfall of Rmb70-80mn, but these orders were largely shipped in April and May,

driving 40-50% yoy overseas revenue growth during the two months. For the full year,

the company maintains a 15-20% overseas revenue growth target, with 2Q26 expected

to return to the target range. In terms of market strategy, emerging markets will remain

the main growth driver over the next two to three years, as the company’s average

market share is still only 3-4%, and even India, its best-performing market, is only

around 6%. Developed markets, especially Europe, are expected to become the next

growth driver over the next three to five years per Mr. Lyu. Europe already accounts for

around one quarter of overseas revenue and has maintained 30-35% growth in recent

years, with the company first entering through niche tests such as bone metabolism and

glucose metabolism, and now having gradually expanded into routine assays,

high-speed analyzers and biochemistry-immunoassay total lab automation systems.

Guidance and outlook: Management expects the company to deliver better