三诺生物：三季度收入端平稳增长，费用投入提升较快

Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Insights - The company reported steady revenue growth in Q3 2024, with total revenue reaching 3.182 billion RMB, a year-on-year increase of 5%. However, net profit attributable to shareholders decreased by 20% to 255 million RMB, and the non-recurring net profit fell by 32% to 231 million RMB [2] - In Q3 2024, the company achieved revenue of 1.049 billion RMB, up 2% year-on-year, but net profit dropped by 59% to 57.86 million RMB, with non-recurring net profit down 62% to 53.18 million RMB [2] - The increase in sales expense ratio to 27.3% in Q3, up 4.0 percentage points year-on-year, is attributed to increased marketing efforts for CGM products and overseas market expansion [2] - The company invested 278 million RMB in R&D in the first three quarters, a 13% increase year-on-year, with an R&D expense ratio of 8.75% [2] - The CGM product "iCan" has received regulatory approval in multiple countries, and the clinical trial for FDA registration is nearing completion, indicating potential for rapid market expansion [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 3.182 billion RMB, with a 5% increase year-on-year. The net profit attributable to shareholders was 255 million RMB, down 20% year-on-year, and the non-recurring net profit was 231 million RMB, down 32% year-on-year [2] - Q3 2024 revenue was 1.049 billion RMB, a 2% increase year-on-year, while net profit decreased by 59% to 57.86 million RMB, and non-recurring net profit fell by 62% to 53.18 million RMB [2] Operational Analysis - The sales expense ratio increased significantly to 27.3% in Q3, reflecting a 4.0 percentage point rise year-on-year, driven by enhanced marketing for CGM products and overseas market initiatives [2] - The company is focusing on maintaining growth in its core chronic disease rapid testing business while fostering rapid growth in its CGM-based product line [2] Research and Development - The company allocated 278 million RMB to R&D in the first three quarters, marking a 13% increase year-on-year, with an R&D expense ratio of 8.75% [2] - The CGMS product "三诺爱看" has received registrations in various countries, and the new generation CGM product's domestic registration application has been accepted [2] Future Outlook - The company expects net profits for 2024-2026 to be 403 million RMB, 536 million RMB, and 641 million RMB, representing year-on-year growth rates of 42%, 33%, and 20% respectively [2] - The current price corresponds to a PE ratio of 39, 30, and 25 for the years 2024, 2025, and 2026 respectively, supporting the "Buy" rating [2]