SNIBE(SZ:300832) Guotai Junan Securities·2024-10-31 18:37Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company is experiencing steady growth despite multiple pressures from domestic procurement policies, with successful promotion of large machines and assembly lines, and continued high growth in overseas markets [2][3]. - The earnings for Q1-Q3 2024 met expectations, with total revenue of 3.414 billion yuan (+17.41%) and net profit attributable to shareholders of 1.384 billion yuan (+16.59%) [3]. - The report adjusts the EPS forecast for 2024-2026 to 2.48, 3.05, and 3.72 yuan respectively, down from previous estimates [3]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 3.414 billion yuan, with a net profit of 1.384 billion yuan and a non-recurring net profit of 1.331 billion yuan, reflecting growth rates of +17.41%, +16.59%, and +20.80% respectively [3]. - In Q3 alone, the revenue was 1.203 billion yuan (+15.38%), with a net profit of 480 million yuan (+10.02%) [3]. Domestic Market - The domestic main business revenue for Q1-Q3 2024 was 2.196 billion yuan (+13.60%), with reagent sales growing by 13% [3]. - The company installed 1,248 large machines in the domestic market, with large machines accounting for 75% of installations [3]. Overseas Market - The overseas main business revenue for Q1-Q3 2024 reached 1.212 billion yuan (+25.16%), with overseas business revenue accounting for 36% of total revenue [3]. - Reagent sales in overseas markets grew by 32%, contributing to an increase in overseas gross margin [3]. Valuation - The target price is raised to 84.32 yuan, based on a PE ratio of 34X for 2024, reflecting a comparison with peer company valuations [3][4]. - The current price is noted at 69.44 yuan, indicating potential upside [4].