Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Insights - The company's revenue for the first three quarters of 2024 reached 463 million yuan, representing a year-on-year growth of 12.34%. The regular business segment achieved sales revenue of 443 million yuan, with a year-on-year increase of 19%. The overseas regular business grew by over 20%, indicating robust growth [5][6] - The net profit attributable to the parent company was 83 million yuan, down 34.85% year-on-year, primarily due to increased expenses. The adjusted net profit was 84 million yuan, reflecting a decline of 32.85% year-on-year. The gross profit margin for the first three quarters was 91.33%, with a net profit margin of 17.05% [5][7] - The company is actively expanding its overseas market presence and maintaining steady growth in its regular business despite industry demand pressures. The profit forecast for 2024-2026 is maintained, with expected net profits of 116 million, 149 million, and 190 million yuan, respectively, and corresponding EPS of 0.97, 1.24, and 1.58 yuan [5][6] Financial Performance Summary - For the first three quarters of 2024, the company reported a sales revenue of 443 million yuan, with quarterly revenues of 138 million, 146 million (5.77% quarter-on-quarter growth), and 158 million (8.07% quarter-on-quarter growth) [6] - The company has increased its R&D and sales expenses significantly, with sales expenses at 146 million yuan (up 25.39%), management expenses at 79 million yuan (up 25.13%), and R&D expenses at 122 million yuan (up 29.54%) [7] - The financial projections indicate a steady increase in revenue, with expected revenues of 641 million, 781 million, and 958 million yuan for 2024, 2025, and 2026, respectively, alongside a gradual recovery in net profit margins [8]
百普赛斯：公司信息更新报告：常规业务环比增速提升，高费用投入影响短期利润