SNIBE(SZ:300832) Guoxin Securities·2024-10-31 12:49Investment Rating - The investment rating for the company is "Outperform the Market" [3][8][9] Core Views - The company reported a revenue growth of 15% year-on-year in the third quarter, with a total revenue of 34.14 billion (+17.41%) and a net profit of 13.84 billion (+16.59%) for the first three quarters of 2024. The third quarter alone saw a revenue of 12.03 billion (+15.38%) and a net profit of 4.80 billion (+10.02%) [1][2][3] - The overseas business continues to grow rapidly, with a year-on-year revenue increase of 25.16% in the third quarter, despite a high base and the depreciation of the US dollar against the RMB. The reagent revenue for the first three quarters grew by 17.93%, while instrument revenue increased by 16.27% [1][3][8] - The company has received approval for new respiratory reagent kits, further expanding its product offerings [1][3] Financial Performance Summary - The gross profit margin for the first three quarters was 72.34%, with a decrease in the sales expense ratio to 15.30% and a net profit margin of 40.52% [1][3][8] - The operating cash flow for the first three quarters was 9.58 billion, representing a healthy ratio of 68% to net profit [1][3][8] Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 46.45 billion, 56.25 billion, and 69.24 billion, with year-on-year growth rates of 18.2%, 21.1%, and 23.1% respectively. The net profit forecast is adjusted to 19.45 billion, 23.80 billion, and 29.52 billion, with growth rates of 17.6%, 22.3%, and 24.0% respectively [1][2][8]