Autobio(SH:603658)2024-10-28 10:00Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 3.38 billion yuan for Q3 2024, a year-on-year increase of 3.38%, while the net profit attributable to shareholders decreased by 5.18% to 337 million yuan [1]. - The company is expected to benefit from the gradual realization of domestic substitution in the chemical luminescence industry, as new procurement projects are anticipated to commence [1]. - High investment in R&D continues, with a focus on new reagent projects and instrument platform development, enhancing the company's competitive strength [1]. - The company has received multiple medical device registrations recently, which will enrich its product offerings and improve overall competitiveness [1]. - The short-term performance is impacted by factors such as DRG implementation and industry restructuring, leading to a downward revision of net profit forecasts for 2024-2026 [1]. Financial Summary - For the first nine months of 2024, the company achieved a revenue of 3.38 billion yuan (+4.24%) and a net profit of 956 million yuan (+6.13%) [1]. - The projected revenues for 2024, 2025, and 2026 are 45.42 billion yuan, 54.68 billion yuan, and 65.67 billion yuan, respectively, with growth rates of 2.20%, 20.40%, and 20.09% [3]. - The net profit forecasts for the same years are 1.32 billion yuan, 1.60 billion yuan, and 1.95 billion yuan, with growth rates of 8.77%, 20.98%, and 21.80% [3]. - The company's EPS for 2024, 2025, and 2026 is projected to be 2.28 yuan, 2.76 yuan, and 3.36 yuan, respectively [3].