WONDFO BIOTECH(SZ:300482)2024-10-25 09:11Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company's performance in Q3 2024 met expectations, with a revenue of 2.181 billion yuan (+8.83%) and a net profit of 436 million yuan (+9.04%) for the first nine months of 2024. The Q3 revenue was 606 million yuan (+17.51%) and net profit was 80 million yuan (+22.70%) [2]. - The company demonstrated resilience in a challenging domestic market, with growth driven by a gradual recovery in hospital admissions and successful overseas product registrations [2][4]. - The gross margin for Q3 2024 was 61.07%, slightly up by 0.3 percentage points year-on-year, benefiting from an optimized product mix. The company also achieved a significant reduction in operating expense ratios, indicating improved operational efficiency [2][4]. - Recent advancements in overseas product certifications are expected to support rapid growth in international business, including malaria detection products and FDA approvals for fentanyl and COVID-19 testing kits [2][4]. Financial Forecasts - The company is projected to achieve revenues of 3.0905 billion yuan in 2024, with a growth rate of 11.78%. Net profit is expected to reach 655.46 million yuan, reflecting a growth rate of 34.42% [5]. - For the years 2025 and 2026, revenues are forecasted at 3.71212 billion yuan and 4.40689 billion yuan, with respective growth rates of 20.11% and 18.72%. Net profits are expected to be 811.60 million yuan and 982.11 million yuan, with growth rates of 23.82% and 21.01% [5][9].