公司2024 年Q3 收入和利润平稳。2024 年前三季度公司营业收入33.80 亿元（yoy+4.24%），归母净利润9.56 亿元（yoy+6.13%），扣非归母净利润9.30 亿元（yoy+6.69%）。2024 年Q3 公司营业收入11.73 亿元（yoy+3.38%），归母净利润3.37 亿元（yoy-5.18%），扣非归母净利润3.32 亿元（yoy-3.99%）。Incidents:
On October 26, 2024, the company released its three-quarter report for 2024: the company's revenue for the first three quarters of 2024 was 3.38 billion yuan (yoy +4.24%), net profit to mother 0.956 billion yuan (yoy +6.13%), net profit not attributable to mother was 0.93 billion yuan (yoy +6.69%). In 2024, Q3's revenue was 1.173 billion yuan (yoy +3.38%), net profit due to mother 0.337 billion yuan (yoy -5.18%), after deducting non-attributable net profit of 0.332 billion yuan (yoy -3.99%).
Investment highlights:
The company's revenue and profit were stable in Q3 2024. The company's revenue for the first three quarters of 2024 was 3.38 billion yuan (yoy +4.24%), net profit due to mother 0.956 billion yuan (yoy +6.13%), after deducting non-attributable net profit of 0.93 billion yuan (yoy +6.69%). In 2024, Q3's revenue was 1.173 billion yuan (yoy +3.38%), net profit due to mother 0.337 billion yuan (yoy -5.18%), after deducting non-attributable net profit of 0.332 billion yuan (yoy -3.99%).
The company's 2024Q3 management expense ratio and R&D expense ratio decreased, driving a year-on-year decrease in net profit margin. The company's gross margin for Q3 2024 was 66.80%, up 0.45pct year on year; sales expense ratio was 15.60%, down 0.10pct year on year; management expense ratio was 4.83%, up 1.05 pct year on year; R&D expense ratio was 15.18%, up 1.90 pct year on year; net profit margin was 29.20%, down 2.54 pct year on year.
The controlling shareholder increased its holdings and the company repurchased its shares simultaneously, demonstrating confidence in the company's future. On August 21, 2024, the company announced that Antu Industrial, the controlling shareholder of the company, increased its shareholding by 1.2846 million shares (0.22% of the company's total share capital) and plans to use 0.15-0.3 billion yuan to increase its shares within 6 months from August 21, 2024. On February 20, 2024, the company announced that it would use 0.25-0.5 billion yuan capital to repurchase the company's shares within no more than 12 months.
As of September 30, 2024, 8.891,492 million shares have been repurchased, with a repurchase amount of 0.414 billion yuan.
Profit forecast and investment rating We expect revenue for 2024/2025/2026 to be 4.878 billion yuan/5.456 billion/ 6.337 billion yuan, corresponding net profit to mother 1.419 billion yuan/1.586 billion/ 1.859 billion yuan, corresponding PE 18.89X/16.91X/14.42X. We believe that the company's chemiluminescence business, molecular testing business, mass spectrometry system and assembly line business are expected to expand one after another, driving steady growth in performance. First coverage, giving a “buy” rating.
Risks indicate that R&D progress falls short of expectations, new product marketing falls short of expectations, risk of falling product collection prices and declining market share, risk of products falling short of expectations in overseas markets, and risk of performance falling short of expectations.
