研报掘金丨华创证券：维持新产业“推荐”评级，目标价78元

Core Viewpoint - The report from Huachuang Securities indicates that the company's domestic business testing volume has grown against the trend, while overseas business has experienced rapid growth, and gross profit margins continue to improve [1] Domestic Market Performance - In the domestic market, the company achieved a main business revenue of 1.955 billion yuan in Q1-Q3 of 2025, a year-on-year decrease of 11%, primarily due to the impact of centralized procurement and the unbundling of testing packages [1] - Despite the overall pressure on testing volumes in the industry, the company has increased its market share, resulting in a counter-trend growth in testing volume, demonstrating strong business resilience [1] Overseas Market Performance - In the overseas market, the company achieved a main business revenue of 1.467 billion yuan in Q1-Q3 of 2025, a year-on-year increase of 21%, with the reagent business performing particularly well, showing a revenue growth of 37% [1] - The overseas comprehensive gross profit margin increased to 69.49%, surpassing the domestic market level, indicating clear support for the ongoing improvement in overseas gross margins [1] Future Outlook - The rapid expansion of production lines signifies a substantial breakthrough in the company's market expansion within large domestic medical terminals, which is expected to gradually drive steady growth in conventional reagent sales [1] - Based on the DCF model, the overall valuation of the company is estimated at 61.2 billion yuan, corresponding to a target price of approximately 78 yuan, maintaining a "recommend" rating [1]