静待MASH 治疗药物市场开拓：24 年3 月，全球首个MASH 治疗创新药Resmetirom 获批上市，正式打开MASH 治疗市场蓝海。此外，多个MNC 的GLP 类药物的MASH 治疗临床正在持续推进，相关药物获批后将进一步加速MASH 患者治疗渗透率。公司产品Fibroscan 作为MASH 无创筛查的主要检测设备，其渗透率也有望随着MASH 治疗药物的推广而进一步得到提升。Incident: The company released its 2024 three-quarter report. The first three quarters of 2024 achieved revenue of 0.98 billion yuan (YOY +21.42%), net profit of 0.102 billion yuan (YOY+ 39.42%), and net profit of 0.097 billion yuan (YOY+ 21.98%) after deducting non-return to mother net profit of 0.097 billion yuan (YOY+ 21.98%).
Comment:
Amortization of equity incentive expenses affects net profit: 24Q3 achieved revenue of 0.337 billion yuan (YOY +19.37%), net profit due to mother 0.027 billion yuan (YOY -9.22%) in a single quarter, and net profit of 0.022 billion yuan (YOY -31.38%) after deducting net income to mother. The year-on-year decline in the company's profit side was mainly 0.017 billion yuan in equity incentive expenses in Q3. Excluding the impact of this fee, 24Q3's net profit to mother was 0.043 billion yuan.
Waiting for the development of the MASH therapeutic drug market: In March '24, Resmetirom, the world's first innovative drug for MASH treatment, was approved for sale, officially opening the blue ocean of the MASH treatment market. Furthermore, the clinical treatment of MASH with several MNC GLP drugs is continuing to advance, and the treatment penetration rate of MASH patients will be further accelerated after the relevant drugs are approved. The company's product Fibroscan is the main testing equipment for non-invasive MASH screening, and its penetration rate is expected to further increase with the promotion of MASH therapeutic drugs.
Profit forecast, valuation and rating: The company is a leading MASH non-invasive screening company, and its product sales cover major countries in Europe, Asia, North America and other regions. Basically, the company maintained a net profit of 0.209/0.321/0.459 billion yuan in 24-26, up 106.0%/53.4%/42.9% year-on-year, respectively. Corresponding to the current PE share price, it was 65/43/30 times, respectively, maintaining the “gain” rating.
Risk warning: MASH drug sales promotion fell short of expectations; competition for MASH diagnostic products intensified; company sales fell short of expectations.
