SNIBE(SZ:300832) Soochow Securities·2024-10-31 00:31Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1][4]. Core Insights - The company reported a revenue of 3,414.28 million yuan for the first three quarters of 2024, representing a year-on-year growth of 17.41%. The net profit attributable to shareholders was 1,383.59 million yuan, up 16.59% year-on-year [2]. - Domestic market trends remain strong, with a 13.60% increase in main business revenue, while overseas market revenue grew by 25.16% [2]. - The sales and installation of the MAGLUMI X8 automated chemiluminescence instrument reached 795 units in the first three quarters of 2024, with a cumulative total of 3,448 units sold/installed [2][3]. - The introduction of high-end products has led to an increase in gross profit margins, with the overall gross margin for the company's main business rising to 72.78%, an increase of 1.29 percentage points year-on-year [3]. Financial Forecast and Valuation - The company is expected to achieve revenues of 49.6 billion yuan, 62.7 billion yuan, and 79.3 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is projected to be 20.6 billion yuan, 26.2 billion yuan, and 33.4 billion yuan for the same years [4]. - The current price-to-earnings (P/E) ratios are projected to be 27, 21, and 17 for the years 2024, 2025, and 2026, respectively [4].