Tellgen(300642) 华创证券·2024-10-28 17:51Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 17 CNY, while the current price is 15.25 CNY [1]. Core Views - The company's performance is under pressure due to changes in market environment and centralized procurement policies, leading to a significant decline in revenue and profit in the first three quarters of 2024 [2]. - In Q3 2024, the company reported a revenue of 1.05 billion CNY, a year-on-year decrease of 15.92%, but a net profit of 0.18 billion CNY, showing a substantial increase of 120.53% compared to the same period last year [1][2]. - The company is actively expanding into overseas markets, having developed instruments and reagents tailored for international markets, with plans for product registration in the US [2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 3.21 billion CNY, down 20.01% year-on-year, and a net profit of 0.24 billion CNY, down 43.16% [1][3]. - The projected net profits for 2024 to 2026 are 0.4 billion CNY, 0.5 billion CNY, and 0.6 billion CNY, respectively, with corresponding PE ratios of 57, 52, and 44 [2][3]. - The gross margin for Q3 2024 was 67.79%, slightly down by 1.47 percentage points, while the net profit margin improved to 16.87%, up by 10.44 percentage points year-on-year [2].