维持增持评级 。考虑公司降本增效成效显著，上调2024~2026年EPS预测至0.82/1.03/1.28 元（原为0.73/0.95/1.24 元），参考可比公司估值，给予2024 年PE 38X，上调目标价至31.16 元，维持增持评级。Introduction to this report:
Q3 Growth was steady, and performance was in line with expectations. Overseas markets and pharmaceutical companies' businesses have maintained rapid growth, innovative products are progressing smoothly, and the ratings for increasing holdings have been maintained.
Key points of investment:
Maintain an increase in holdings rating. Considering the company's significant cost reduction and efficiency results, the 2024-2026 EPS forecast was raised to 0.82/1.03/1.28 yuan (originally 0.73/0.95/1.24 yuan). Referring to comparable company valuations, the 2024 PE 38X was given, and the target price was raised to 31.16 yuan, maintaining the holdings increase rating.
The performance was in line with expectations. The company achieved revenue of 0.848 billion yuan (+19.84%), net profit due to mother of 0.227 billion yuan (+30.82%), net profit of 0.212 billion yuan (+37.74%) after deducting the amortization impact of equity incentive expenses (24.26 million yuan), net profit to mother 0.252 billion yuan (+44.62%), net profit due to non-mother net profit of 0.236 billion yuan (+53.30%) ). Among them, Q3 achieved revenue of 0.305 billion yuan (+22.53%), net profit to mother of 0.083 billion yuan (+77.58%), and net profit of 0.08 billion yuan (+79.42%) after deducting non-net profit of 0.08 billion yuan (+79.42%), which is in line with expectations. Domestic business is expected to grow steadily, while overseas markets and pharmaceutical companies' businesses will maintain rapid growth.
Increased profitability. The Q1-3 gross profit margin in 2024 was 84.74% (+1.14pct), with significant cost reduction and efficiency results. Sales/management/finance/R&D expense ratios were 29.72%/6.87%/-1.32%/19.38% (-1.79pct/-0.59pct/+1.87pct/-1.92pct), net profit margin to mother 26.80% (+2.25pct), further improving profitability.
Innovations continue to be implemented. The company's innovative products continue to advance. On September 5, the self-developed FGFR2 gene fracture test kit (fluorescence in situ hybridization) was approved for marketing in Japan as an accompanying diagnostic reagent for Eisai's innovative target drug Tasurgratinib; on September 6, the PCR-11 gene product for lung cancer was approved for sale domestically. The kit can complete the mandatory genetic tests recommended in the clinical diagnosis and treatment guidelines for non-small cell lung cancer in one go, and the test results are accurate, the success rate is good, the stability is good, the amount of specimens required is small, and the reporting time is fast. First-line diagnosis of NSCLC patients An important product. Up to now, 7 accompanying diagnostic labels have been approved in Japan, corresponding to 17 types of targeted drugs, and included in Japanese health insurance. On September 30, the Human Homologous Recombination Defect Repair Test Kit (HRD Kit) entered the special review process for innovative medical devices, using the independently patented ADx-GSS? Research and development of intelligent algorithms to break the exclusive monopoly of American companies. It is currently the only HRD kit included as an innovative medical device in China. It will accelerate in-hospital compliance application of HRD testing and meet the clinical testing needs of new PARPi drug treatment. Innovative products have further enriched the company's tumor companion diagnosis product line and strengthened its leading edge in the field of tumor companion diagnosis.
Risk warning: New product launches and promotions fall short of expectations; risk of price reduction in product collection
