Investment Rating - The investment rating for the company is "Outperform the Market" [3][8][9] Core Views - The company reported a revenue growth of 15% year-on-year in the third quarter, with a total revenue of 34.14 billion (+17.41%) and a net profit of 13.84 billion (+16.59%) for the first three quarters of 2024. The third quarter alone saw a revenue of 12.03 billion (+15.38%) and a net profit of 4.80 billion (+10.02%) [1][2][3] - The overseas business continues to grow rapidly, with a year-on-year revenue increase of 25.16% in the third quarter, despite a high base and the depreciation of the US dollar against the RMB. The reagent revenue for the first three quarters grew by 17.93%, while instrument revenue increased by 16.27% [1][3][8] - The company has received approval for new respiratory reagent kits, further expanding its product offerings [1][3] Financial Performance Summary - The gross profit margin for the first three quarters was 72.34%, with a decrease in the sales expense ratio to 15.30% and a net profit margin of 40.52% [1][3][8] - The operating cash flow for the first three quarters was 9.58 billion, representing a healthy ratio of 68% to net profit [1][3][8] Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 46.45 billion, 56.25 billion, and 69.24 billion, with year-on-year growth rates of 18.2%, 21.1%, and 23.1% respectively. The net profit forecast is adjusted to 19.45 billion, 23.80 billion, and 29.52 billion, with growth rates of 17.6%, 22.3%, and 24.0% respectively [1][2][8]

深圳市新产业生物医学工程股份有限公司 投资者关系活动记录表 1 证券代码：300832 证券简称：新产业 编号：2024-011 投资者关系活动记录表 | --- | --- | --- | --- | |--------------------------|-----------------------------------------|---------------------------------------------|----------------------------------------------------------| | | | | | | | | | | | | □ 特定对象调研 | □ 分析师会议 | | | | □ 媒体采访 | □ 业绩说明会 | | | 投资者关系 活动类别 | □ 新闻发布会 | □ 路演活动 | | | | □ 现场参观 | | | | | 其他 线上 / | 线下交流 | | | 参与单位名 称及人员姓 名 | 共计 228 家机构， | 312 | 名参会人员，详见附件《与会机构名单》。 | | 时间 | | 2024 年 10 月 29 日 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [8]. Core Insights - The company reported a revenue of 3.41 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 17.4%, with a net profit of 1.38 billion yuan, up 16.6% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 1.20 billion yuan, representing a 15.4% increase year-on-year, and a net profit of 480 million yuan, which is a 10.0% year-on-year growth [2]. - Domestic revenue growth was steady at 13.6% year-on-year, while overseas revenue surged by 25.2% year-on-year [2]. - The company continues to see a positive trend in installations, with 795 units sold in Q1-3 2024, and a total of 3,448 units sold cumulatively by Q3 [2]. - The new product T8 has completed 30 units in sales and installations, gaining market recognition [2]. Financial Summary - The company’s projected earnings per share (EPS) for 2024-2026 are 2.50 yuan, 3.03 yuan, and 3.65 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 28, 23, and 19 times [2][6]. - Revenue forecasts for 2024-2026 are 4.63 billion yuan, 5.60 billion yuan, and 6.66 billion yuan, with growth rates of 18%, 21%, and 19% respectively [3][6]. - The net profit projections for the same period are 1.97 billion yuan, 2.38 billion yuan, and 2.87 billion yuan, with growth rates of 19%, 21%, and 20% respectively [3][6]. - The company maintains a strong gross margin of 71.85% in Q3, despite a slight year-on-year decrease of 2.51 percentage points [2].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Viewpoints - The company achieved a revenue of 3.414 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 17.41%. The net profit attributable to the parent company was 1.384 billion yuan, up 16.59% year-on-year [1]. - The overseas business showed robust growth, with a year-on-year increase of 25.16% in the first three quarters of 2024, while domestic growth was impacted by medical anti-corruption measures and centralized procurement [1]. - The company is focusing on increasing the installation of large-scale machines, which is expected to support steady revenue growth in the future [1]. Financial Performance Summary - Total revenue for 2024 is projected to be 4.746 billion yuan, with a year-on-year growth rate of 20.8%. The net profit attributable to the parent company is expected to reach 1.986 billion yuan, reflecting a growth of 20.1% [2]. - The gross profit margin is forecasted to improve from 73.0% in 2023 to 73.4% in 2024, while the return on equity (ROE) is expected to increase from 21.9% to 22.7% over the same period [2]. - Earnings per share (EPS) is projected to rise from 2.10 yuan in 2023 to 2.53 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio decreasing from 32.99 to 27.48 [2]. Operational Insights - The company has been actively promoting its mid-to-large scale machines, achieving sales and installations of 795 units of the X8 high-speed chemiluminescence analyzer and 30 units of the T8 assembly line in the first three quarters of 2024 [1]. - Revenue from instrument products increased by 16.27% year-on-year, while reagent revenue grew by 17.93%, indicating a solid foundation for future growth in reagent sales [1]. - The report emphasizes that the increasing proportion of high-margin reagent products is likely to enhance the company's gross and net profit margins [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1][4]. Core Insights - The company reported a revenue of 3,414.28 million yuan for the first three quarters of 2024, representing a year-on-year growth of 17.41%. The net profit attributable to shareholders was 1,383.59 million yuan, up 16.59% year-on-year [2]. - Domestic market trends remain strong, with a 13.60% increase in main business revenue, while overseas market revenue grew by 25.16% [2]. - The sales and installation of the MAGLUMI X8 automated chemiluminescence instrument reached 795 units in the first three quarters of 2024, with a cumulative total of 3,448 units sold/installed [2][3]. - The introduction of high-end products has led to an increase in gross profit margins, with the overall gross margin for the company's main business rising to 72.78%, an increase of 1.29 percentage points year-on-year [3]. Financial Forecast and Valuation - The company is expected to achieve revenues of 49.6 billion yuan, 62.7 billion yuan, and 79.3 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 20.6 billion yuan, 26.2 billion yuan, and 33.4 billion yuan for the same years [4]. - The current price-to-earnings (P/E) ratios are projected to be 27, 21, and 17 for the years 2024, 2025, and 2026, respectively [4].

好的 谢谢靳总那现在的话就由我来代表公司管理层跟各位关心新产业的投资者做三级道的业绩的一个交流 因为财务数据的话昨天也已经公告了那么从我们整个业绩的一个趋势来看的话其实单三季度还是国内面临了一定的压力从我们的报表专页能反映出来 但是我们一到九月份就前三个季度依然还是实现了17%的收入和17%的利润的这样一个增速那么单三季度我们自己也做了一下简单的测算因为确实面临单三季度当时是人民币升值美元减值的压力所以对于公司来讲 汇兑还是一部分影响到了公司 如果汇兑的影响很远的话大概是三个点左右对于单季度的一个利润影响那么我们的整个收入跟利润的增速还是符合整体的一个今年的整体预期是同步在双位数的一个增长我们也希望四季度有更好的这样的一个增速 那么具体到收入结构的拆分来看的话世纪的一个占比的话还是稳定在72%的这样的一个水平那么海外的话还是比较明显因为今年增速是明显快于国内所以海外前三个季度的一个占比已经去到了36% 那么单季度的话也去到了35%跟去年同期相比的话都还是有了一个比较稳定的一个提升那我们将近四季度目前来看海外的一个增速还是会明显快于国内所以今年整体的话海外占整个公司收入占比的话有望去到36-7这样的一个比例水平 ...

[Table_Profit] [Table_StockNameRptType] 新产业（300832） 公司点评 海外市场增速亮眼，高速机占比持续提升 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to achieve breakthroughs in both domestic and international markets, with steady growth in mid-to-high-end installations [1] - The company reported a revenue of 3,414 million yuan for the first three quarters of 2024, representing a year-on-year growth of 17.41% [1] - The net profit attributable to the parent company for the same period was 1,384 million yuan, with a year-on-year increase of 16.59% [1] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 3,047 million yuan - 2023A: 3,930 million yuan - 2024E: 4,719 million yuan - 2025E: 6,017 million yuan - 2026E: 7,675 million yuan - Year-on-year growth rates: 20% (2022A), 29% (2023A), 20% (2024E), 27% (2025E), 28% (2026E) [1] - **Net Profit Forecasts**: - 2022A: 1,328 million yuan - 2023A: 1,654 million yuan - 2024E: 1,990 million yuan - 2025E: 2,515 million yuan - 2026E: 3,186 million yuan - Year-on-year growth rates: 36% (2022A), 25% (2023A), 20% (2024E), 26% (2025E), 27% (2026E) [1] - **Earnings Per Share (EPS)**: - 2022A: 1.69 yuan - 2023A: 2.10 yuan - 2024E: 2.53 yuan - 2025E: 3.20 yuan - 2026E: 4.05 yuan [1] - **Cash Flow and Profitability**: - Cash flow per share: 1.22 yuan (2022A), 1.81 yuan (2023A), 2.71 yuan (2024E), 3.00 yuan (2025E), 3.76 yuan (2026E) [1] - Return on equity (ROE): 21% (2022A), 22% (2023A), 21% (2024E), 22% (2025E), 22% (2026E) [1] - **Valuation Ratios**: - Price-to-earnings (P/E) ratio: 43.7 (2022A), 35.1 (2023A), 29.2 (2024E), 23.1 (2025E), 18.2 (2026E) [1] - Price-to-book (P/B) ratio: 9.1 (2022A), 7.7 (2023A), 6.2 (2024E), 5.0 (2025E), 3.9 (2026E) [1] Market and Business Outlook - The company is expected to maintain good growth momentum despite short-term policy disruptions in the domestic market, with a projected recovery in domestic business and continued expansion in overseas markets [1] - The company has successfully completed installations and sales of high-end medical equipment, with strong revenue growth in both reagents and instruments [1] - The introduction of new products is anticipated to further enhance the company's market position and financial performance [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 73.93 yuan [4][6] Core Views - The company achieved steady revenue growth in Q3 2024, with total revenue reaching 1.203 billion yuan, a year-on-year increase of 15.38% [1][2] - Net profit attributable to the parent company in Q3 2024 was 480 million yuan, up 10.02% year-on-year, while non-GAAP net profit was 463 million yuan, up 11.62% year-on-year [1][2] - Overseas market expansion has been rapid, with overseas business revenue growing 25.16% year-on-year in the first three quarters of 2024 [3] Financial Performance - In the first three quarters of 2024, the company's total revenue was 3.414 billion yuan, a year-on-year increase of 17.41%, with reagent revenue growing 17.93% and instrument revenue growing 16.27% [2] - Gross margin in Q3 2024 was 71.85%, down 2.51 percentage points year-on-year, but management and financial expense ratios decreased by 0.58 and 1.42 percentage points respectively, showing effective cost control [2] - R&D investment in Q3 2024 was 123 million yuan, accounting for 10.23% of revenue, a year-on-year increase of 23.96% [3] Product Development and Market Expansion - The company obtained 15 new medical device registration certificates in Q3 2024, including 12 for chemiluminescence reagents and 3 for biochemical reagents [3] - The company launched two new products in August 2024: the GADA liver cancer early screening diagnostic system and the iXLAB intelligent laboratory solution [3] - The company's HIV test kit obtained IVDR CE certification, enhancing its competitiveness in the EU market [3] Valuation and Forecast - The report forecasts EPS for 2024-2026 at 2.64/3.34/4.19 yuan, with corresponding P/E ratios of 28/22/18 times [4] - The company's ROE is expected to grow from 20.75% in 2022 to 26.07% in 2026 [5] - The company's market capitalization is 58.088 billion yuan, with a total share capital of 786 million shares [6] Industry and Market Position - The company's overseas business continues to grow rapidly, with significant progress in intellectual property protection, obtaining 7 patents from the Russian Federal Intellectual Property Office and 1 from the German Patent and Trademark Office [3] - The company's product line is continuously enriched, with a focus on intelligent diagnostic systems and laboratory solutions, indicating a strong position in the medical diagnostics industry [3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown rapid expansion in overseas markets and successful promotion of high-end models [2] - The company achieved a revenue of 3.414 billion RMB in the first three quarters of 2024, representing a year-on-year increase of 17% [2] - The net profit attributable to shareholders for the same period was 1.384 billion RMB, also up 17% year-on-year [2] - The company’s high-end model, MAGLUMI X8, has set a global benchmark with a testing speed of 600 tests per hour [2] - The company has a strong focus on innovation, with continuous increases in R&D investment [2] Summary by Sections Performance Overview - In Q3 2024, the company reported a revenue of 1.203 billion RMB, a 15% increase year-on-year, and a net profit of 480 million RMB, up 10% year-on-year [2] - Domestic market revenue grew by 13.6%, while overseas market revenue surged by 25.16% [2] Product Analysis - The company’s reagent revenue increased by 17.93%, and instrument product revenue rose by 16.27% in the first three quarters [2] - The MAGLUMI X8 has seen sales/installations of 795 units, with a total of 3,448 units sold/installed by the end of Q3 [2] Innovation and R&D - The company has developed multiple models of the MAGLUMI series and has a comprehensive reagent menu with 202 items available globally [2] - The MAGLUMI X10, a higher throughput model, was launched in February 2024, enhancing user experience [2] Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 2.051 billion RMB, 2.618 billion RMB, and 3.314 billion RMB, respectively, with growth rates of 24%, 28%, and 27% [2] - The current price corresponds to a PE ratio of 28, 22, and 18 for the years 2024, 2025, and 2026 [2]