SNIBE(300832) 华创证券·2024-11-04 15:10Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 77 CNY, compared to the current price of 67.06 CNY [1]. Core Insights - The company has shown steady growth in both domestic and overseas markets, with a significant increase in revenue and net profit for the first three quarters of 2024 [1]. - The overseas market revenue has grown by 25.16% year-on-year, while domestic market revenue has also seen a positive trend [1]. - The company continues to focus on research and development, with a notable increase in the number of registered chemical luminescence reagents [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a net profit of 1.384 billion CNY, representing a 16.59% increase from the previous year [1]. - The total operating revenue for the same period was 3.414 billion CNY, with a year-on-year growth of 17.41% [1]. - The gross profit margin for Q3 2024 was recorded at 71.85%, slightly down due to the higher growth rate of overseas revenue compared to domestic revenue [1]. Revenue Breakdown - The revenue from reagents increased by 17.93%, while the revenue from instruments grew by 16.27% [1]. - The company has sold a total of 3,448 units of its MAGLUMI X8 product by the end of Q3 2024, with a steady installation rate [1]. Future Projections - The company is projected to achieve net profits of 1.986 billion CNY, 2.421 billion CNY, and 2.983 billion CNY for the years 2024, 2025, and 2026 respectively, indicating a consistent growth trajectory [3]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 2.53 CNY, 3.08 CNY, and 3.80 CNY respectively [3].