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三诺生物:Q3销售费用率提升+加大研发费用投入拖累利润

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 3.18 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 4.8%, while the net profit attributable to shareholders decreased by 19.7% to 260 million yuan [1][2] - The increase in sales expenses and higher R&D investments have negatively impacted profits, despite an improvement in gross margin [2][3] - The company is a leader in the blood glucose monitoring industry, with its new Continuous Glucose Monitoring (CGM) product experiencing rapid growth and overseas commercialization progressing steadily [3] Financial Performance Summary - For Q1, Q2, and Q3 of 2024, the revenues were 1.01 billion yuan, 1.12 billion yuan, and 1.05 billion yuan, with year-on-year growth rates of 14.9%, -0.5%, and +2.1% respectively [1] - The gross margin for the first three quarters of 2024 was 55.2%, with quarterly margins of 50.7%, 59.2%, and 55.4% [2] - The company’s net profit forecast for 2024-2026 is adjusted to 350 million yuan, 470 million yuan, and 660 million yuan, with growth rates of 22.8%, 34.5%, and 40.2% respectively [3][4] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 44x, 32x, and 23x respectively [3] - The company’s revenue is expected to grow from 4.34 billion yuan in 2024 to 5.77 billion yuan in 2026, with corresponding growth rates of 6.84% and 14.79% [4][5]