SNIBE(SZ:300832) SINOLINK SECURITIES·2024-10-29 06:30Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown rapid expansion in overseas markets and successful promotion of high-end models [2] - The company achieved a revenue of 3.414 billion RMB in the first three quarters of 2024, representing a year-on-year increase of 17% [2] - The net profit attributable to shareholders for the same period was 1.384 billion RMB, also up 17% year-on-year [2] - The company’s high-end model, MAGLUMI X8, has set a global benchmark with a testing speed of 600 tests per hour [2] - The company has a strong focus on innovation, with continuous increases in R&D investment [2] Summary by Sections Performance Overview - In Q3 2024, the company reported a revenue of 1.203 billion RMB, a 15% increase year-on-year, and a net profit of 480 million RMB, up 10% year-on-year [2] - Domestic market revenue grew by 13.6%, while overseas market revenue surged by 25.16% [2] Product Analysis - The company’s reagent revenue increased by 17.93%, and instrument product revenue rose by 16.27% in the first three quarters [2] - The MAGLUMI X8 has seen sales/installations of 795 units, with a total of 3,448 units sold/installed by the end of Q3 [2] Innovation and R&D - The company has developed multiple models of the MAGLUMI series and has a comprehensive reagent menu with 202 items available globally [2] - The MAGLUMI X10, a higher throughput model, was launched in February 2024, enhancing user experience [2] Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 2.051 billion RMB, 2.618 billion RMB, and 3.314 billion RMB, respectively, with growth rates of 24%, 28%, and 27% [2] - The current price corresponds to a PE ratio of 28, 22, and 18 for the years 2024, 2025, and 2026 [2]