生命科学、生物医药板块增长可观，海外市场加速开拓

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Viewpoints - The life sciences and biopharmaceutical sectors are experiencing significant growth, with the company making notable progress in overseas markets and launching new products [3][4]. - The company reported a revenue of 986 million yuan for the first three quarters of 2024, reflecting a year-on-year growth of 13.42%, and a net profit attributable to shareholders of 18 million yuan, up 123.77% year-on-year [3][4]. - The company is expected to see rapid growth in its product lines, particularly in the areas of AD and brain inflammation testing, as well as GLP-1 products [3][4]. Summary by Sections Financial Performance - The company’s total revenue for 2022 was 3,569 million yuan, with a projected revenue of 1,416 million yuan for 2024, indicating a year-on-year growth of 10% [3][4]. - The net profit attributable to shareholders is expected to recover significantly from a loss of 71 million yuan in 2023 to a profit of 33 million yuan in 2024, representing a growth rate of 147% [3][4]. - The earnings per share (EPS) is projected to increase from -0.18 yuan in 2023 to 0.08 yuan in 2024 [3][4]. Market Trends - The company is actively expanding its international business, focusing on differentiated solutions that combine reagents, consumables, and equipment, which have led to breakthroughs in North America, Europe, and Southeast Asia [3][4]. - The IVD (in vitro diagnostics) business is expected to perform steadily despite industry-wide policy impacts and inventory digestion [3][4]. Cost Management - The company has optimized its cost structure, with a decrease in sales expense ratio by 3.70 percentage points and management expense ratio by 3.43 percentage points in the first three quarters of 2024 [3][4]. - The gross margin for the first three quarters of 2024 was reported at 70.48%, a slight decrease of 0.45 percentage points year-on-year [3][4].