2023Q1-3 公司销售、管理、研发费用率分别为37.90%、19.90%、28.34%，同比+22.92、+12.04、+16.63 pp，其中Q3 销售、管理、研发费用率分别为34.34%、19.09%、24.97%，同比+13.62、+9.04、+8.50 pp，因去年同期新冠业务基数高，公司收入下滑导致费用率提升；从金额看，公司前三季度期间费用7.33 亿元，同比下降6.81%，费用得到有效管控。随着新冠业务高基数、部分存货减值等因素影响消除，公司业务回归增长趋势，盈利能力有望持续改善。Incidents:
The company released its three-quarter report for 2023. In the first three quarters of 2023, the company achieved operating income of 869 million yuan, a year-on-year decrease of 62.29%; net profit loss of 76 million yuan, a year-on-year decrease of 110.19%; net profit loss after deducting non-return mother's net profit of 139 million yuan, a year-on-year decrease of 119.95%. Among them, Q3 achieved revenue of 298 million yuan, a year-on-year decrease of 56.48%, an increase of 10.94% over the previous year; net profit was 4.7 million yuan, reversing losses month-on-month. The performance was in line with expectations.
Expenses have been effectively improved, and the company has ushered in an inflection point in profit
The sales, management, and R&D expenses of 2023Q1-3 companies were 37.90%, 19.90%, and 28.34%, respectively, +22.92, +12.04, and +16.63 pp. Among them, the Q3 sales, management and R&D expense rates were 34.34%, 19.09%, 24.97%, and +13.62, +9.04, and +8.50 pp. Due to the high COVID-19 business base in the same period last year, the cost rate increased due to the decline in the company's revenue; in terms of amount, the company's expenses for the first three quarters were 733 million yuan, down year on year 6.81%, expenses are effectively controlled. As the impact of factors such as the high COVID-19 business base and some inventory impairment is eliminated, the company's business returns to a growth trend, and profitability is expected to continue to improve.
Emerging businesses continue to expand, driving continued revenue growth
The company focuses on the three major fields of life science, in vitro diagnosis, and biomedicine, and is actively segmenting the business around the upstream and downstream of the main business industry chain. New products are progressing smoothly. For example, product lines such as gene sequencing, cellular protein, and consumables instruments in the life science field continue to be new, achieving a closed loop of commercial reagents, consumables, and equipment; the diagnostic field expands products such as autoimmune encephalitis series, Alzheimer's disease series, and other innovative indicators for cardiovascular and cerebrovascular testing. New business development is expected to drive the company's regular business to continue to grow; at the same time, the equity incentive plan announced by the company in August this year also shows management's confidence in the company's medium- to long-term development.
Profit Forecasts, Valuations, and Ratings
Referring to the equity incentive target and the company's regular business growth, we expect the company's operating income in 2023-2025 to be 1,263/15.90/2.02 billion yuan, with a year-on-year growth rate of -64.60%/25.86%/25.89%, net profit of 0.14/2.40/379 billion yuan respectively, a year-on-year growth rate of -97.58%/1569%/57.90%, corresponding PE of 869/52/33 times. Since the company is a leading life science service leader with a complete layout in China, performance is expected to be released after staff reduction, so continued attention is recommended.
Risk warning:
Increased market competition risk; risk of new business development falling short of expectations; risk of failure in new product development
