Hangzhou Alltest Biotech (688606) 开源证券·2024-10-31 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has significantly exceeded profit expectations in Q3 2024, with a year-on-year revenue increase of 10.37% to 618 million yuan and a net profit increase of 94.48% to 198 million yuan [2] - The gross margin for Q1-Q3 2024 is reported at 55.76%, an increase of 7.85 percentage points, while the net margin is at 31.96%, up by 13.88 percentage points [2] - The company has increased its profit forecasts for 2024-2026, expecting net profits of 277 million, 348 million, and 435 million yuan respectively, with corresponding EPS of 3.49, 4.39, and 5.49 yuan per share [2] - The core logic driving growth includes a significant increase in customer numbers, a notable rise in the proportion of self-owned brands, and an accelerated pace of new product launches [2] Financial Summary - For Q1-Q3 2024, the company achieved revenue of 618 million yuan, with Q3 alone contributing 222 million yuan, reflecting a year-on-year growth of 28.7% [2] - The operating cash flow for Q1-Q3 2024 reached 192 million yuan, marking a substantial increase of 328.2% year-on-year [2] - The company has successfully developed 9 new raw materials in H1 2024, with 6 being domestic firsts, enhancing its production efficiency and reducing costs [2][3] - The company’s total market capitalization is reported at 5.649 billion yuan, with a current stock price of 71.25 yuan [1]