Investment Rating - The report maintains a rating of "Accumulate" for the company [5]. Core Views - The company reported a revenue of 5.619 billion yuan for Q1-Q3 2024, a year-on-year decrease of 10.95%, with a net profit attributable to shareholders of 0.094 billion yuan, down 83.71% year-on-year [2]. - The decline in performance is attributed to external environmental changes, weak demand, and a high base in 2023, but improvements are expected as these pressures ease [2]. - The company's gross margin and net margin for Q1-Q3 2024 were 35.15% and 1.49%, respectively, both showing a decline compared to the previous year [2]. - The company has established a network of 49 medical laboratories across mainland China and Hong Kong, enhancing its competitive edge through cost leadership and digitalization [2]. - Cash flow has significantly improved, with accounts receivable decreasing to 5.121 billion yuan, indicating better collection efforts [2]. Financial Summary - For 2024, the company is expected to face significant external pressures, leading to a projected EPS of 0.42 yuan, with estimates for 2025 and 2026 at 1.42 yuan and 1.82 yuan, respectively [3]. - The report forecasts a recovery in revenue growth starting in 2025, with a projected revenue of 8.067 billion yuan in 2025, reflecting an 8.5% year-on-year increase [3]. - The company's net profit for 2024 is projected at 0.197 billion yuan, a decrease of 69.4% year-on-year, but expected to rebound to 0.668 billion yuan in 2025 [3]. - The report highlights a significant improvement in cash flow from operating activities, projected at 2.098 billion yuan for 2024 [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][11] Core Views - The company experienced a 13% year-on-year decline in revenue in Q3 2024, primarily due to lower-than-expected growth in routine testing demand and high fixed costs leading to decreased operating leverage [1] - For the first three quarters of 2024, the company reported revenue of 5.619 billion (down 10.95%) and a net profit attributable to shareholders of 94 million (down 83.71%) [1] - The company is focusing on long-termism and innovation, having established 25 new precision medicine centers and 20 new academic and research collaborations in the first three quarters [1] - The gross margin improved in Q3 2024, reaching 36.0%, up 1.5 percentage points from the previous quarter, indicating enhanced management efficiency [1] - The company has improved its cash flow management, with net cash flow from operating activities reaching 312 million in the first three quarters, and 278 million in Q3 alone, representing an 80% year-on-year increase [1] Financial Summary - Revenue projections for 2024-2026 are adjusted to 7.849 billion, 8.658 billion, and 9.598 billion respectively, with year-on-year growth rates of -8.1%, 10.3%, and 10.9% [1][9] - The net profit attributable to shareholders is projected to be 230 million, 689 million, and 846 million for 2024-2026, with year-on-year growth rates of -64.3%, 200.1%, and 22.8% [1][9] - The current price-to-earnings (PE) ratio is 72.6 for 2024, 24.2 for 2025, and 19.7 for 2026 [1][9]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 44 yuan, while the current price is 34.72 yuan [1]. Core Insights - The company's revenue for the first three quarters of 2024 is 56.19 billion yuan, a decrease of 10.95% year-on-year, with a net profit attributable to shareholders of 0.94 billion yuan, down 83.71% [1]. - The accounts receivable collection has improved significantly, with a total impairment provision for accounts receivable of 4.20 billion yuan for the first three quarters of 2024, indicating a reduction in potential risks from COVID-related receivables [2]. - The company's conventional business is under pressure in the short term, with a 13.15% year-on-year decline in revenue for Q3 2024, primarily due to slower-than-expected growth in routine testing demand [2]. - Long-term core capability development is progressing steadily, with significant advancements in partnerships and operational management [2]. Financial Summary - Total revenue for 2023 is projected at 8.54 billion yuan, with a year-on-year decline of 44.8%. The forecast for 2024 is 7.62 billion yuan, a further decline of 10.8% [3]. - The net profit attributable to shareholders is expected to drop to 0.24 billion yuan in 2024, a decrease of 62.8% from 2023 [3]. - The company’s price-to-earnings (P/E) ratio is projected to be 68 in 2024, decreasing to 18 by 2026 [3].

Investment Rating - The report maintains a rating of "Buy" for the company [1][3]. Core Views - The company's performance has fallen short of expectations, but there is a significant improvement in cash flow. Short-term growth is under pressure, but the long-term outlook for outsourcing penetration is promising [1][8]. - The target price has been adjusted to 38.50 CNY, up from the previous forecast of 34.40 CNY, reflecting a revised EPS forecast for 2024-2026 [3][8]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 5.619 billion CNY, a decrease of 10.95% year-on-year. The net profit attributable to shareholders was 94 million CNY, down 83.71% [8]. - The gross margin for Q1-Q3 was 35.15%, a decline of 2.29 percentage points, while the net margin was 1.49%, down 7.49 percentage points [8]. - Cash flow management has improved significantly, with operating cash flow of 312 million CNY for Q1-Q3, and accounts receivable decreased by 214 million CNY from Q2 [8]. Industry Outlook - The industry is currently facing short-term challenges due to regulatory adjustments and policy implementations, which are expected to reduce testing volumes and lower prices. However, there is potential for increased outsourcing in the long term as hospitals seek to reduce costs [8]. - The company is focusing on quality growth and has established 25 new partnerships with precision medicine centers and 20 new collaborations in research and disease alliances during Q1-Q3 [8]. Digital Transformation - The company is advancing its digital transformation initiatives, enhancing management efficiency across marketing, supply chain, and services. It has launched four products on the Guangzhou Data Exchange, marking a step towards compliant medical data circulation [8].

证券代码：603882 证券简称：金域医学 公告编号：2024-068 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 问题征集方式：投资者可于 2024 年 11 月 11 日中午 12:00 前访问网址 https://eseb.cn/1j4PertTEnm 进行会前提问，或将相关问题通过电子邮件 的形式发送至公司董事会办公室邮箱：sid@kingmed.com.cn。本公司将在 业绩说明会上对投资者普遍关注的问题进行统一回答。 广州金域医学检验集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解 公司 2024 年第三季度的经营成果、财务状况，公司计划于 2024 年 11 月 12 日 15:00-16:00 举行 2024 年第三季度业绩说明会（以下简称"业绩说明会"），就 投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动方式召开，公司将针对 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [10]. Core Views - The company reported a revenue of 5.619 billion yuan for the first three quarters of 2024, a year-on-year decrease of 10.95%, and a net profit attributable to shareholders of 94 million yuan, down 83.71% year-on-year [1]. - The decline in revenue and profit is attributed to the slow recovery of routine testing demand due to medical reforms and the promotion of DRGs [1]. - The company is actively responding to policy changes by establishing partnerships with top-tier hospitals and enhancing its digital transformation efforts, which are expected to support long-term growth [1]. - The report projects revenues for 2024-2026 to be 7.331 billion, 8.536 billion, and 9.955 billion yuan, respectively, with a forecasted net profit of 302 million, 812 million, and 997 million yuan for the same period [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.738 billion yuan, a year-on-year decrease of 13.15%, and a net profit of 4 million yuan, down 98.56% year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 35.15%, a decrease of 2.29 percentage points year-on-year, primarily due to reduced revenue and increased fixed cost amortization [1]. - The net profit margin for the first three quarters was 1.49%, down 7.49 percentage points year-on-year [1]. Cost Structure - The sales expense ratio for the first three quarters of 2024 was 12.06%, an increase of 0.37 percentage points year-on-year; the management expense ratio was 8.60%, up 0.43 percentage points year-on-year; while the R&D expense ratio was 5.38%, down 0.41 percentage points year-on-year [1]. Cash Flow and Receivables - The company has improved its cash flow management, with accounts receivable decreasing by 439 million yuan compared to the end of Q2 2024, totaling 5.116 billion yuan by the end of Q3 2024 [1]. - The net cash flow from operating activities for the first three quarters of 2024 was 312 million yuan, with Q3 contributing 278 million yuan [1]. Market Position and Future Outlook - The company is positioned as an industry leader and is expected to benefit from the rapid development of the industry, with ongoing improvements in laboratory profitability [3]. - The report emphasizes the importance of the company's strategic partnerships and digital transformation initiatives in driving future growth [1].

Investment Rating - The report maintains a "Recommended" rating for the company Jin Yu Medical (stock code: 603882) [3][8]. Core Views - The company's revenue for the first three quarters of 2024 was 5.619 billion yuan, a decrease of 10.95% year-on-year, with a net profit attributable to shareholders of 0.094 billion yuan, down 83.71% [1]. - The decline in revenue is attributed to slower-than-expected growth in routine testing demand, influenced by changes in the industry operating environment [1]. - The company has shown improvement in cash flow management, with accounts receivable collection rates significantly improving, which is expected to stabilize performance [2]. - The company is focusing on long-term strategies and operational efficiency, enhancing core capabilities while navigating external challenges [3]. Summary by Sections Financial Performance - For the first nine months of 2024, the company reported an operating income of 5.619 billion yuan, a decrease of 10.95%, and a net profit of 0.094 billion yuan, down 83.71% [1]. - The gross profit margin for Q3 2023 was 36.04%, with a decline in operating profit margin to approximately 6.3% due to increased credit impairment losses [1]. Accounts Receivable Management - As of Q3 2024, the net balance of accounts receivable was 5.116 billion yuan, with a cumulative provision for bad debts of approximately 1.3 billion yuan [2]. - The company has seen a reduction in the absolute amount of new impairment provisions in Q3, indicating improved cash flow management and collection rates [2]. Operational Strategy - The company has strengthened its internal management and operational efficiency, launching 25 new precision centers and 20 new partnerships in research and disease alliances in 2024 [3]. - The focus remains on the core medical testing business, with a commitment to long-term growth and innovation despite short-term external disruptions [3]. Future Outlook - The company is expected to benefit from the recovery of routine testing demand as the domestic healthcare environment stabilizes [1]. - Profit forecasts for 2024-2026 have been adjusted to 0.244 billion, 0.759 billion, and 1.255 billion yuan, reflecting a significant expected rebound in profitability [3].

各位主持者大家好我们非常欢迎中信证券中金公司国泰中央证券广告证券新业证券智商证券中信接头证券银河证券华产证券华泰证券国联证券天方证券长江证券中游证券野兽东方证券国信证券国都证券香材证券财信证券东方财富华信证券 中银国际证券 中菜证券 华菜证券 东北证券 高盛证券 开源证券 太平洋证券国盛证券 海东证券 西南证券 光大证券 山西证券 母亲证券等三日一家赚钱的分析师及线上线下的近百位投资人首先呢我介绍一下这个现场和线上的我们的一些高管和介绍一下先梁一鸣董事长 以及线上线还有我们的轮值首席运营官欧阳小龙还有副总裁马记 副总裁李贺源财务总监周立行等相关部门的负责同事那我呢是新任总秘第一次以总秘的身份和大家见面这个就大家一如既往的 支持和相信我们经营这个支持要支持好多一样啊支持我们我也准备做好这个公司和各位的一个桥梁和理财的作用谢谢大家现在呢有请董事长我们两种分享好各位投资者对研究员对合作伙伴啊各方面的朋友们大家早上好嗯 非常感谢大家对我们精英医学的一直以来的关心指导和支持这个很快也一个季度过去了好像三级报出去以后这个给一些某些投资者这个带来这个不安啊这个这个情也可怨啊情也可怨我觉得这个这个都互相理解就好了啊 我先简单 ...

证券代码：603882 证券简称：金域医学 公告编号：2024-067 广州金域医学检验集团股份有限公司 1 关于计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、计提资产减值准备情况概述 为了客观、公允地反映广州金域医学检验集团股份有限公司（以下简称"公 司"）2024 年第三季度的财务状况以及经营成果，根据《企业会计准则》相关规 定和公司会计政策，公司对截至 2024 年 9 月 30 日的合并报表范围内各项资产进 行了减值测试，相应计提资产减值准备。详见下表： 单位：人民币元 | 类别 | 2024 年 1-9 月 | | | --- | --- | --- | | 一、信用减值损失 | | 420,559,824.32 | | 其中：应收账款减值损失 | | 420,149,725.16 | | 其他应收款信用减值损失 | | 410,099.16 | | 二、资产减值损失 | | -40,419.96 | | 其中：合同资产减值损失 | | -40,419.96 | | 合计 | | 420 ...

Financial Performance - Revenue for the third quarter was RMB 1.74 billion, a decrease of 13.15% year-over-year[2] - Net profit attributable to shareholders for the third quarter was RMB 4.19 million, a significant decrease of 98.56% year-over-year[2] - Revenue for the first nine months of 2024 was RMB 5.62 billion, down 10.95% year-over-year[2] - Net profit attributable to shareholders for the first nine months was RMB 93.84 million, a decrease of 83.71% year-over-year[2] - Total revenue for the first three quarters of 2024 was 5,618,852,446.76 RMB, a decrease from 6,309,622,119.42 RMB in the same period of 2023[16] - Total operating costs for the first three quarters of 2024 were 5,117,588,587.38 RMB, down from 5,575,699,748.49 RMB in the same period of 2023[16] - Net profit for the first three quarters of 2024 was 83,867,861.65 RMB, significantly lower than 566,649,689.09 RMB in the same period of 2023[18] - Net profit attributable to parent company shareholders was RMB 93.84 million, compared to RMB 576.02 million in the same period last year[19] - Comprehensive income attributable to parent company shareholders was RMB 90.79 million, compared to RMB 591.26 million in the same period last year[19] - Basic earnings per share were RMB 0.20, compared to RMB 1.23 in the same period last year[19] Cash Flow and Liquidity - Operating cash flow for the first nine months was RMB 311.92 million, down 38.58% year-over-year[3] - Cash received from sales of goods and services was RMB 5.48 billion, a decrease from RMB 6.94 billion in the same period last year[20] - Net cash flow from operating activities was RMB 311.92 million, compared to RMB 507.81 million in the same period last year[20] - Net cash flow from investing activities was negative RMB 361.42 million, compared to negative RMB 484.14 million in the same period last year[22] - Net cash flow from financing activities was negative RMB 463.11 million, compared to negative RMB 912.54 million in the same period last year[22] - Cash and cash equivalents at the end of the period were RMB 1.94 billion, a decrease from RMB 2.04 billion at the end of the same period last year[22] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 10.98 billion, a decrease of 6.71% compared to the end of the previous year[3] - The company's monetary funds as of September 30, 2024, amounted to 1,944,019,325.90, a decrease from 2,457,662,736.68 at the end of 2023[13] - Accounts receivable as of September 30, 2024, were 5,115,653,178.99, slightly down from 5,335,343,742.15 at the end of 2023[13] - Inventory as of September 30, 2024, was 219,728,110.68, a decrease from 248,207,375.35 at the end of 2023[13] - Fixed assets as of September 30, 2024, were 1,490,768,451.49, down from 1,658,412,561.01 at the end of 2023[13] - Construction in progress as of September 30, 2024, was 444,154,863.79, an increase from 359,106,431.46 at the end of 2023[13] - The company's total current assets as of September 30, 2024, were 7,602,529,177.22, down from 8,265,141,988.72 at the end of 2023[13] - Total assets as of Q3 2024 were 10,978,237,374.03 RMB, compared to 11,767,672,448.57 RMB at the end of 2023[14] - Total liabilities as of Q3 2024 were 2,965,165,339.17 RMB, down from 3,220,280,284.46 RMB at the end of 2023[15] - Accounts payable increased to 1,782,901,091.66 RMB in Q3 2024 from 2,065,125,244.77 RMB at the end of 2023[14] - Long-term loans increased to 438,816,493.70 RMB in Q3 2024 from 267,612,098.21 RMB at the end of 2023[14] - Deferred tax assets increased to 236,494,780.86 RMB in Q3 2024 from 151,106,249.77 RMB at the end of 2023[14] - Total equity attributable to owners of the parent company was 7,831,588,638.03 RMB in Q3 2024, down from 8,362,834,963.48 RMB at the end of 2023[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 34,066[8] - Liang Yaoming, a domestic natural person, holds 74,191,907 shares, accounting for 15.83% of the total shares[8] - Hong Kong Securities Clearing Company Limited holds 47,392,211 shares, accounting for 10.11% of the total shares[8] Business Development and Innovation - The company added 25 new precision medicine centers and 20 new industry-academia collaborations and disease alliances in the first nine months of 2024[7] - The company launched 4 products on the Guangzhou Data Exchange and won the "Commercial Value Award" at the 2024 "Data Element ×" competition[7] - The company continues to deepen its digital transformation, leveraging AI technologies to enhance medical testing data potential[7] Research and Development - R&D expenses for the first three quarters of 2024 were 302,366,808.51 RMB, a decrease from 365,465,783.65 RMB in the same period of 2023[18]