CABIO(688089) 开源证券·2024-10-30 08:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The implementation of fertility policies and asset restructuring is expected to strengthen the company's R&D capabilities [3] - The company plans to acquire 65% of Ouyi Biological, which is anticipated to enhance its foundational research strength in synthetic biology [7] - Revenue for Q1-Q3 2024 reached 387 million, a year-on-year increase of 19.2%, while net profit attributable to the parent company increased by 38.9% and 59.7% for the non-deducted and deducted cases respectively [3] Financial Performance Summary - For Q3 2024, revenue was 126 million, a slight increase of 0.2% year-on-year, but net profit attributable to the parent company decreased by 37.4% and 31.2% for the non-deducted and deducted cases respectively [3] - The company has adjusted its net profit forecasts for 2024-2026 to 124 million, 154 million, and 194 million respectively, with corresponding EPS forecasts of 0.74, 0.92, and 1.15 [3] - The current stock price corresponds to PE ratios of 28.4, 22.8, and 18.2 for the years 2024, 2025, and 2026 respectively [3] Market and Business Outlook - Domestic demand for milk powder is expected to improve in the medium to long term due to the implementation of fertility policies [7] - The international market is anticipated to recover in Q4 2024, with order rhythms returning to normal [7] - The company is facing challenges in international business due to shipping factors, but long-term growth is expected post the expiration of patents held by competitors [5][6]