亚辉龙：三季度短期承压，特色项目和国际化驱动增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company faced short-term pressure in the third quarter, but growth is driven by specialty projects and international expansion [1] - For the first nine months of 2024, the company achieved operating revenue of 1.394 billion yuan, a decrease of 9.78%, and a net profit attributable to the parent company of 219 million yuan, down 23.29% [1] - The report indicates that the company's self-produced non-COVID business generated operating revenue of 1.142 billion yuan, an increase of 24.40% [1] - The company’s self-produced chemiluminescence business saw revenue of 1.037 billion yuan, up 29.15%, with significant growth in immunodiagnostics and cardiac marker diagnostics [1] - The report notes that the company’s overseas chemiluminescence business is expanding rapidly, with a 45.71% increase in revenue to 134 million yuan [1] Summary by Sections Financial Performance - In Q3, the company reported operating revenue of 434 million yuan, a decrease of 7.69%, and a net profit of 46 million yuan, down 68.21% [1] - The company’s gross profit margin for 2023 is projected at 56.8%, increasing to 63.8% in 2024 [5] - The net profit attributable to the parent company is expected to recover to 370 million yuan in 2024, with a growth rate of 4.2% [5] Market Expansion - The company added 1,727 units of self-produced chemiluminescence instruments in the first nine months of 2024, with a significant increase in overseas installations [1] - The report emphasizes that the company’s products are now covering over 5,800 medical institutions in China, including more than 1,630 tertiary hospitals [1] Future Projections - The company is expected to achieve operating revenues of 2.021 billion yuan in 2024, with a projected growth of 16.5% in 2025 [5] - The earnings per share (EPS) is forecasted to be 0.65 yuan in 2024, increasing to 1.23 yuan by 2026 [5]