新产业：国内收入稳健增长，海外快速增长

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of stock performance that exceeds the market by 10% to 20% over the next six months [4][8]. Core Views - The company has demonstrated steady domestic revenue growth and rapid overseas revenue growth, with a year-on-year increase of 13.60% in domestic market revenue and 25.16% in overseas market revenue [6][8]. - The company is focused on the in vitro diagnostics sector and is actively expanding both domestic and international markets, which is expected to drive sustainable growth [8]. - The report adjusts the earnings per share (EPS) forecasts for 2024-2026 to 2.53, 3.25, and 4.09 yuan, respectively, reflecting strong installation numbers and an increasing proportion of large and medium-sized machines [8]. Financial Performance Summary - For the first three quarters, the company achieved operating revenue of 34.14 billion yuan, a year-on-year increase of 17.41%, and a net profit attributable to the parent company of 13.84 billion yuan, up 16.59% year-on-year [5]. - In Q3 alone, the company reported operating revenue of 12.03 billion yuan, a 15.38% increase year-on-year, and a net profit of 4.80 billion yuan, a 10.02% increase year-on-year [5]. - The gross profit margin for Q3 was 71.85%, slightly down by 2.51 percentage points year-on-year, attributed to changes in product mix [7]. Market and Product Insights - The company has successfully increased its market share in response to centralized procurement opportunities, particularly in the infectious disease and hormone testing segments [6][8]. - The sales and installation of the MAGLUMI X8 fully automated luminescence instrument reached 795 units in the first three quarters, with a cumulative total of 3,448 units sold/installed by the end of Q3 [6][8]. - The company has established 11 overseas subsidiaries to enhance localized operations and optimize sales structures, contributing to improved profitability [8].