收入端，常规业务稳步增长，海外业务恢复良好。分隔离防护用品和常规业务来看，24Q3 公司隔离防护用品（口罩、防护服、隔离衣、抗原检测试剂盒）收入为0.29 亿元，同比下降10.56%，剔除隔离防护用品后，24Q3 公司常规业务收入为10.54 亿元，同比增长21.05%。分国内业务和海外业务来看，24Q3公司国内业务收入为4.32 亿元，同比增长13.52%（其中，医院线收入2.78 亿元，同比增长20.99%，线上和线下零售线业务收入1.37 亿元，同比增长0.06%，其它为直销业务），24Q3 公司海外业务收入为6.45 亿元，同比增长24.36%，海外业务恢复良好。Matters:
The company released its three-quarter report of '24, 24Q1-3, operating income of 3.125 billion yuan (-2.61%), net profit to mother of 0.307 billion yuan (+2.31%), deducting non-net profit of 0.225 billion yuan (-20.59%). In 24Q3, operating income was 10.83 yuan (+19.92%), net profit due to mother was 0.146 billion yuan (+131.73%), after deducting non-net profit of 0.064 billion yuan (+5.19%).
Commentary:
On the revenue side, regular business grew steadily, and overseas business recovered well. Looking at quarantine protective equipment and general business, 24Q3's revenue from quarantine protective equipment (masks, protective clothing, antigen test kits) was 0.029 billion yuan, down 10.56% year on year. After excluding quarantine protective equipment, 24Q3's regular business revenue was 1.054 billion yuan, up 21.05% year on year. Looking at domestic business and overseas business, 24Q3's domestic business revenue was 0.432 billion yuan, up 13.52% year on year (including hospital line revenue 0.278 billion yuan, up 20.99% year on year, online and offline retail sales revenue 0.137 billion yuan, up 0.06% year on year; the others were direct sales business). The overseas business revenue of 24Q3 was 0.645 billion yuan, up 24.36% year on year, and overseas business recovered well.
On the profit side, after excluding the impact of exchange, non-net profit grew at a high rate. 24Q3's net profit to mother increased by 131.73% year-on-year, mainly due to: 1) 24Q3 Shaoxing Jianshui Science and Technology City Development and Construction Co., Ltd.'s acquisition of the company's state-owned land use rights and housing assets in Xiaogaobu Village, Donghu Town, Yuecheng District, Shaoxing City, Zhejiang Province, generated asset disposal income, increasing the company's net profit to mother by about 0.093 billion yuan. 2) In 24Q3, due to exchange rate fluctuations, the company's foreign currency assets caused exchange losses, reducing the company's net profit to mother and deducting non-net profit by about 0.022 billion yuan. Excluding the impact of foreign exchange, 24Q3 deducted non-net profit of 0.084 billion yuan, an increase of 40% + over the previous year.
On the cost ratio side, cost reduction and efficiency continued to advance, and the cost rate level was optimized. In 24Q3, the company's sales expense ratio, management expense ratio, and R&D expense ratio were 7.53%, 12.20%, and 3.36%, respectively. The year-on-year ratio was -0.43pt, -0.75pt, and +0.24pt, respectively, and -0.79pt, -0.50pt, and +0.30pt, respectively. Apart from the increase in R&D expenses, 24Q3's sales expenses rate and management expense ratio all declined year-on-year. The company's gross margin in 24Q3 was 33.77%, +0.45% year over year, slightly up, 2
The company's net interest rate in 4Q3 was 13.87%, +6.57pt year-on-year.
The sharp increase. In addition to the impact of short-term factors such as asset disposal income, the optimization of cost ratio levels driven by cost reduction and efficiency has also contributed to the increase in the company's profit margin level.
Investment advice: Considering the rapid increase in the company's net profit to mother in 24Q3, we adjusted the 24-26 net profit forecast values of 0.47, 0.5, and 0.62 billion yuan (the original forecast values were 0.41, 0.52, and 0.64 billion yuan), corresponding to PE 14, 13, and 10 times, respectively. Based on DCF model estimates, we gave the company an overall valuation of 9 billion yuan, with a corresponding target price of about 34 yuan, maintaining a “strong” rating.
Risk warning: 1. Business growth falls short of expectations; 2. The consolidation effect of the acquisition targets falls short of expectations.