DIAN DIAGNOSTICS(300244) 中国银河·2024-10-25 03:01Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Viewpoints - The company's diagnostic services continue to face pressure, with a significant impact on apparent performance due to impairment provisions. In Q3 2024, the company reported diagnostic service revenue of 1.155 billion, with ICL business revenue at 1.048 billion. The willingness to outsource remains affected by industry restructuring, rapid DRG advancement, and competition [1]. - The core strategic business is progressing steadily, with lean management contributing to future growth. The company has deepened its precision center, collaborative construction, discipline development, and group-level client expansion, adding 4 precision centers in Q3, totaling 84, with 52 achieving profitability in the same year. Q3 business revenue grew by 27.8% year-on-year [1]. - The company is a leading third-party medical testing service provider in China, with integrated "product + service" development. As the national layout improves, operational efficiency increases, and the proportion of special inspections rises, core business is expected to grow steadily in the long term. The profit forecast for 2024-2026 has been adjusted to 309 million, 612 million, and 861 million, with corresponding EPS of 0.49, 0.98, and 1.38 yuan, reflecting a PE of 26, 13, and 9 times for 2024-2026 [1]. Financial Summary - For the first nine months of 2024, the company achieved revenue of 9.258 billion (down 10.05%), net profit attributable to shareholders of 131 million (down 75.35%), and operating cash flow of 54 million (down 85.22%). Q3 2024 revenue was 3.040 billion (down 11.89%), with net profit of 59 million (down 23.81%) [1][4]. - The financial forecast indicates a revenue decline of 33.89% in 2023, followed by a projected decrease of 10.57% in 2024, with a gradual recovery expected in subsequent years [4][8].