SNIBE(SZ:300832) ZHONGTAI SECURITIES·2024-10-29 12:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to achieve breakthroughs in both domestic and international markets, with steady growth in mid-to-high-end installations [1] - The company reported a revenue of 3,414 million yuan for the first three quarters of 2024, representing a year-on-year growth of 17.41% [1] - The net profit attributable to the parent company for the same period was 1,384 million yuan, with a year-on-year increase of 16.59% [1] Financial Performance Summary - Revenue Forecasts: - 2022A: 3,047 million yuan - 2023A: 3,930 million yuan - 2024E: 4,719 million yuan - 2025E: 6,017 million yuan - 2026E: 7,675 million yuan - Year-on-year growth rates: 20% (2022A), 29% (2023A), 20% (2024E), 27% (2025E), 28% (2026E) [1] - Net Profit Forecasts: - 2022A: 1,328 million yuan - 2023A: 1,654 million yuan - 2024E: 1,990 million yuan - 2025E: 2,515 million yuan - 2026E: 3,186 million yuan - Year-on-year growth rates: 36% (2022A), 25% (2023A), 20% (2024E), 26% (2025E), 27% (2026E) [1] - Earnings Per Share (EPS): - 2022A: 1.69 yuan - 2023A: 2.10 yuan - 2024E: 2.53 yuan - 2025E: 3.20 yuan - 2026E: 4.05 yuan [1] - Cash Flow and Profitability: - Cash flow per share: 1.22 yuan (2022A), 1.81 yuan (2023A), 2.71 yuan (2024E), 3.00 yuan (2025E), 3.76 yuan (2026E) [1] - Return on equity (ROE): 21% (2022A), 22% (2023A), 21% (2024E), 22% (2025E), 22% (2026E) [1] - Valuation Ratios: - Price-to-earnings (P/E) ratio: 43.7 (2022A), 35.1 (2023A), 29.2 (2024E), 23.1 (2025E), 18.2 (2026E) [1] - Price-to-book (P/B) ratio: 9.1 (2022A), 7.7 (2023A), 6.2 (2024E), 5.0 (2025E), 3.9 (2026E) [1] Market and Business Outlook - The company is expected to maintain good growth momentum despite short-term policy disruptions in the domestic market, with a projected recovery in domestic business and continued expansion in overseas markets [1] - The company has successfully completed installations and sales of high-end medical equipment, with strong revenue growth in both reagents and instruments [1] - The introduction of new products is anticipated to further enhance the company's market position and financial performance [1]