Autobio(603658) 光大证券·2024-10-29 10:42Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its long-term development [5]. Core Views - The company experienced pressure on profit margins in Q3 2024, with revenue of 1.173 billion yuan, a year-on-year increase of 3.38%, while net profit attributable to shareholders decreased by 5.18% to 337 million yuan [3][5]. - The company continues to invest heavily in research and development, with R&D expenses reaching 178 million yuan in Q3 2024, a year-on-year increase of 18.18%, accounting for 15.18% of revenue [1][5]. - The company has made significant progress in international patents and certifications, including a new strategic partnership in the microbiological testing market [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.173 billion yuan, up 3.38% year-on-year, while net profit attributable to shareholders was 337 million yuan, down 5.18% year-on-year [3][5]. - The gross profit margin improved by 0.45 percentage points to 66.8% in Q3 2024 [1]. Research and Development - The company invested 178 million yuan in R&D in Q3 2024, representing an 18.18% increase year-on-year and 15.18% of total revenue [1][5]. - The company received 24 medical device registration certificates in Q3 2024, including a series of self-antibody testing products developed over four years [1]. Strategic Developments - The company received an international invention patent for its fully automated microbiological identification and drug sensitivity analysis system in Q3 2024 [2]. - A strategic cooperation was established with a Japanese company to leverage strengths in the in vitro diagnostic field [2].