Autobio(SH:603658) Huachuang Securities·2024-10-30 02:23Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 58 yuan [1]. Core Insights - The company reported a revenue of 9.56 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 6.13%. However, the net profit attributable to shareholders decreased by 5.18% to 3.37 billion yuan [1]. - The overall revenue growth remains stable despite short-term profit pressure due to increased expenses and credit impairment losses. The company has made adjustments in response to policy changes, which are expected to gradually improve performance [1]. - The gross profit margin for Q3 2024 was 66.80%, showing a slight increase of 0.45 percentage points year-on-year [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.32 billion yuan, with a net profit of 1.17 billion yuan, indicating a decline of 3.99% compared to the previous year [1]. - The company’s R&D expenses continue to be high, with a management expense ratio of 15.18%, up by 1.90 percentage points [1]. - The projected net profits for 2024, 2025, and 2026 are estimated at 1.34 billion yuan, 1.62 billion yuan, and 1.92 billion yuan respectively, with corresponding P/E ratios of 19, 16, and 14 times [1][3].