Sansure Biotech(688289) 国投证券·2024-10-24 02:23Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 12-month target price of 28.99 CNY, which corresponds to a dynamic price-to-earnings ratio of 35 times for 2025 [6]. Core Views - The company has demonstrated continuous high-speed growth, achieving a revenue of 1.033 billion CNY in the first three quarters of 2024, representing a year-on-year increase of 63.24%. The net profit attributable to shareholders reached 195 million CNY, with a profit margin of 18.9% [1]. - Despite a significant increase in expense ratios in the third quarter, the company managed to maintain stable absolute values for its expenses, and effective cash collection led to a decrease in accounts receivable [2]. - The company has received approvals for multiple new products, particularly in the respiratory field, and is expected to perform well in the fourth quarter due to the seasonal increase in respiratory infections [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 316 million CNY, a year-on-year increase of 54.0%, and a net profit of 38.72 million CNY, with a profit margin of 12.3% [1]. - The gross profit margin reached 78.04% in Q3, an increase of 5.37 percentage points compared to Q2 [5]. Expense Management - The company experienced a significant rise in expense ratios in Q3, with sales, management, and R&D expense ratios increasing by 5.72, 0.86, and 3.83 percentage points, respectively. However, the absolute values of expenses remained relatively stable across Q1, Q2, and Q3 [2]. Product Development and Market Outlook - The company has received approvals for several new products, including nucleic acid test kits for respiratory viruses and HPV test kits, which are expected to contribute positively to revenue in the upcoming quarters [3]. - The report anticipates that the company will continue its revenue growth trend in Q4, driven by the seasonal increase in respiratory infections [4]. Revenue and Profit Forecast - The company is projected to achieve revenue growth rates of 51.5%, 32.2%, and 26.7% for 2024, 2025, and 2026, respectively. The net profit is expected to grow by -5.5%, 40.6%, and 41.5% during the same period, indicating strong growth potential [4].