BSBE(300406) ZHONGTAI SECURITIES·2024-10-29 12:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain steady growth despite policy disruptions, with a positive outlook on the empowerment from national reforms [1] - The company reported a year-on-year revenue growth of 12.37 billion yuan for the first three quarters of 2024, with a net profit attributable to the parent company of 3.71 billion yuan, reflecting a growth of 0.63% [1] - The report highlights the company's ability to counteract external policy impacts through the continuous development of its pathology and coagulation segments, which are expected to drive future growth [1] Financial Performance Summary - Revenue Forecasts: - 2022A: 1,511 million yuan - 2023A: 1,742 million yuan - 2024E: 1,745 million yuan - 2025E: 1,852 million yuan - 2026E: 2,132 million yuan - Growth rates: 2023A: 15%, 2024E: 0%, 2025E: 6%, 2026E: 15% [1] - Net Profit Forecasts: - 2022A: 389 million yuan - 2023A: 524 million yuan - 2024E: 540 million yuan - 2025E: 580 million yuan - 2026E: 680 million yuan - Growth rates: 2023A: 35%, 2024E: 3%, 2025E: 7%, 2026E: 17% [1] - Earnings Per Share (EPS): - 2022A: 0.66 yuan - 2023A: 0.89 yuan - 2024E: 0.92 yuan - 2025E: 0.99 yuan - 2026E: 1.16 yuan [1] - Cash Flow and Profitability: - Operating cash flow for 2023A: 585 million yuan, expected to increase to 732 million yuan in 2024E [11] - The company’s overall gross margin for the first three quarters of 2024 was 77.81%, reflecting a year-on-year increase of 2.21 percentage points [1] - Valuation Ratios: - P/E ratio for 2023A: 21.7, expected to decrease to 15.7 in 2024E and further to 12.4 in 2026E [1] - P/B ratio for 2023A: 2.6, expected to decrease to 2.0 in 2024E and further to 1.6 in 2026E [1]