Shenzhen YHLO Biotech (SH:688575) Huafu Securities·2024-11-01 13:30Investment Rating - The investment rating for the company is "Buy" [4][8] Core Views - The company reported a revenue of 1.39 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.8%, with a net profit attributable to shareholders of 219 million yuan, down 23.3% [1] - The company's self-produced non-COVID business revenue reached 1.14 billion yuan, showing a growth of 24.4%, with self-produced luminescence revenue at 1.04 billion yuan, up 29.2%, and overseas luminescence revenue at 135 million yuan, increasing by 45.7% [1] - The company added 1,727 units of chemical luminescence instruments in Q1-3 2024, with domestic installations accounting for 995 units, of which 600-speed machines made up 46.43% [1] - The overall gross margin for Q3 2024 was 66.84%, showing significant improvement compared to previous quarters [1] Financial Data and Valuation - The company is projected to have an EPS of 0.73, 0.93, and 1.19 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 25, 19, and 15 [2][3] - Revenue for 2024 is estimated at 2.22 billion yuan, with a growth rate of 8%, followed by 2.79 billion yuan in 2025 and 3.42 billion yuan in 2026, reflecting growth rates of 26% and 23% respectively [3] - The net profit for 2024 is expected to be 418 million yuan, with a growth rate of 18%, increasing to 531 million yuan in 2025 and 679 million yuan in 2026, with growth rates of 27% and 28% respectively [3]