买入增持
2026年二季度业绩符合预期，盈利水平持续改善
维持2026全年收入目标增长10-15%（国内5-10%，海外15-20%）
维持增持评级及目标价6...全文
2026年二季度业绩符合预期，盈利水平持续改善
维持2026全年收入目标增长10-15%（国内5-10%，海外15-20%）
维持增持评级及目标价62元
二季度业绩整体符合预期，费用管控成效显著
公司2026年二季度业绩表现亮眼，实现营收12.92亿元，同比增长21.8%，环比一季度11.29亿元明显提速；归母净利润4.26亿元，同比增长27.6%；扣非归母净利润4.03亿元，同比增长30.4%。上半年公司综合毛利率71.1%，同比提升约2.5个百分点，主要受益于毛利率相对较高的海外及试剂类收入占比提升。费用端管控成效突出，上半年销售、管理、研发费用率同比分别下降约1.9、0.2、1.2个百分点，二季度降幅更为显著（销售费用率同比降3.9个百分点，研发费用率同比降2.9个百分点），带动二季度营业利润同比增长约48%，营业利润率提升约7个百分点至39%左右。
国内业务：政策基数效应消化完毕
随着集采降价及检测量拆分等不利基数效应在二季度基本消化完毕，公司国内业务重新回到增长轨道。二季度国内主营业务同比增长17.7%（一季度同比仍下降约1.9%），环比改善幅度显著。分产品看，上半年国内试剂类收入同比增长12.1%，主要得益于公司近两年持续推进的大客户战略及三级医院渗透率提升；仪器类收入同比下降8.2%，主要系公司装机结构持续向大型机倾斜、单机产出结构调整所致。上半年公司国内新增化学发光免疫分析仪装机672台，其中大型机占比达85.86%，同比提升11.05个百分点，中大型机客户数量持续增加。公司已覆盖三级医院2,021家，覆盖率49.16%，其中三甲医院覆盖率达65.78%，为后续存量客户试剂放量及份额提升奠定基础。
海外业务：量质齐升，试剂占比与毛利率同步提升
二季度海外主营业务同比增速显著增长27.4%，主要由于此前中东地区局势及国际物流扰动逐步缓解。上半年海外试剂收入同比增长32%，增速显著快于整体，试剂占海外收入比重同比提升约9个百分点至68.5%左右，“仪器+试剂”协同放量效应持续显现；海外仪器收入同比下降约10%。值得关注的是，海外毛利率（约72.7%，同比提升约5.5个百分点）已反超国内毛利率（约69.7%），反映公司在海外市场的定价能力与竞争地位持续提升，预计海外毛利率有望长期高于国内，将对公司整体盈利能力产生正向贡献。装机方面，上半年海外新增化学发光免疫分析仪1,698台，中大型高端机型占比提升至76%。公司自主研发的SATLARST8全自动化流水线累计装机/销售434条；旗舰机型MAGLUMIX8全球累计装机/销售超5,135台，新一代旗舰X10累计装机/销售达327台，将继续带动试剂收入增长。
维持增持评级及目标价62元
我们预计2026-28年EPS分别为2.42/2.76/3.14元。维持增持评级，维持目标价62元，对应2026-28年市盈率21/19/16倍，较现价有21%上行空间。主要风险：1）新品研发失败风险，2）竞争加剧风险，3）控费政策超预期风险，4）降价导致毛利率不及预期风险，5）海外市场拓展不及预期。收起
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买入增持
2Q26 results in line with expectations, with improving profitability
Ma...全文
2Q26 results in line with expectations, with improving profitability
Maintaining 2026 full-year revenue growth target of 10–15% (5– 10% domestic, 15–20% overseas)
Maintain BUY and TP of RMB62
2Q26 results in line, cost control measures show effectiveness
SNIBE delivered strong results in 2Q2026, with revenue of RMB1,292mn, up 21.8% yoy, accelerating significantly from RMB1,129mn in 1Q26. Net profit attributable to shareholders was RMB426mn, up 27.6% yoy; recurring net profit attributable to shareholders was RMB403mn, up 30.4% yoy. In 1H26, the company’s gross margin was 71.1%, an increase of approximately 2.5ppts yoy, mainly benefiting from a higher revenue contribution from overseas operations and reagent sales, both of which carry relatively higher gross margins. Cost control was particularly effective, with selling, administrative, and R&D expense ratios declining by approximately 1.9, 0.2, and 1.2ppts yoy, respectively, in 1H26, and the decline was even more pronounced in 2Q26 (selling expense ratio down 3.9ppts and R&D expense ratio down 2.9ppts yoy). This drove 2Q26 operating profit up approximately 48% yoy, with the operating margin rising about 7ppts to around 39%.
Overseas: improvement in volume and quality, with reagent share and gross margin rising
In 2Q, overseas core business revenue grew significantly by 27.4% yoy, mainly as previous disruptions from geopolitical tensions in the Middle East and international logistics gradually eased. In 1H26, overseas reagent revenue grew 32% yoy, notably faster than the overall overseas growth, and the share of reagents in overseas revenue rose by approximately 9ppts yoy to around 68.5%, reflecting continued synergy between instrument placements and reagent consumption. Overseas instrument revenue declined approximately 10% yoy. Notably, the overseas gross margin (approximately 72.7%, up about 5.5ppts yoy) has surpassed the domestic gross margin (approximately 69.7%), indicating that the company's pricing power and competitive position in overseas markets continue to strengthen. The overseas gross margin is expected to remain higher than domestic over the long term, which should positively contribute to the company's overall profitability. In terms of installations, the company added 1,698 new CLIA analyzers overseas in 1H26, with medium- to large-sized high-end analyzers accounting for 76% of the total. The SATLARS T8 fully automated laboratory automation systems have cumulatively reached 434 installations/sales; the flagship MAGLUMI X8 has reached over 5,135 cumulative installations/sales globally, and the new-generation flagship X10 has reached 327 cumulative installations/sales, which will continue to drive reagent revenue growth.
Maintain BUY and TP of RMB62
We estimate 2026–2028E EPS of RMB2.42/2.76/3.14. We maintain our BUY rating and TP of RMB62, corresponding to 2026–2028E P/E of 21/19/16x, implying 21% upside from the current price. Key risks: 1) Product R&D failures; 2) Intensifying competition; 3) Tighter-than-expected cost control policies; 4) Pricing pressure leading to weaker-than-expected gross margins; 5) Slower-than-expected overseas expansion. 收起
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