Autobio(SH:603658) Guotai Junan Securities·2024-10-31 02:56Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Views - The company's Q3 performance slightly underperformed expectations due to a tightening hospital environment and industry pressure on volume and price. However, the core chemiluminescence reagent business continues to achieve stable growth, and the product line is being further enriched, indicating a promising outlook for steady growth [2][10]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 3.38 billion yuan, a year-on-year increase of 4.24%. The net profit attributable to shareholders was 956 million yuan, up 6.13%, while the net profit excluding non-recurring items was 931 million yuan, an increase of 6.69%. In Q3 alone, revenue was 1.173 billion yuan, a 3.38% increase, but net profit decreased by 5.18% to 337 million yuan due to increased management and R&D expenses, reduced investment income, and increased credit impairment losses [10][11]. - The gross margin for Q1-3 2024 was 65.86%, up 1.27 percentage points, with net profit margin at 28.29%, an increase of 0.50 percentage points [10]. Business Outlook - The company’s chemiluminescence business is expected to grow steadily despite industry challenges such as policy enforcement and price reductions. The company is anticipated to accelerate import substitution and increase market share as a leading player in the industry [10][11]. - The product line has been further enriched with multiple new chemiluminescence reagent registrations, enhancing overall competitiveness. The company has also launched a smart construction plan for regional medical testing centers, covering various testing fields and offering nearly 800 testing items [10][11]. Valuation and Target Price - The target price has been raised to 56.00 yuan, based on a 25x PE ratio for 2024, reflecting adjustments in EPS forecasts to 2.24/2.59/2.98 yuan for 2024-2026 [10][11].