Autobio(SH:603658) Zhongyuan Securities·2024-11-05 06:23Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - Antu Bio, established in 1998, is a leading player in the domestic IVD segment, focusing on the research, manufacturing, integration, and service of in vitro diagnostic reagents and instruments [1] - The company reported a revenue of 3.38 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 4.24%, while the net profit attributable to shareholders was 956 million yuan, up 6.13% year-on-year [1] - The gross margin for the first three quarters of 2024 was 65.86%, an increase of 1.27 percentage points compared to the same period last year [1] - The report projects earnings per share (EPS) of 2.59 yuan, 2.81 yuan, and 3.55 yuan for 2024, 2025, and 2026 respectively, with corresponding dynamic price-to-earnings ratios of 17.63, 16.27, and 12.84 based on the closing price of 45.65 yuan on November 4 [1] Summary by Relevant Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.173 billion yuan, a year-on-year increase of 3.38%, but the net profit decreased by 5.18% to 337 million yuan [1] - The sales expense ratio decreased by 0.38 percentage points to 16.32%, while the management expense ratio fell by 0.24 percentage points to 4.38% [1] Earnings Forecast - The report maintains the earnings forecast unchanged, expecting EPS of 2.59 yuan for 2024, 2.81 yuan for 2025, and 3.55 yuan for 2026 [1][3] - The projected revenue growth rates for the upcoming years are 12.68% for 2024, 11.74% for 2025, and 17.64% for 2026 [3][8] Valuation Metrics - The dynamic P/E ratios for the next three years are projected at 17.63 for 2024, 16.27 for 2025, and 12.84 for 2026 [1][3] - The report indicates a market capitalization of 26.523 billion yuan and a price-to-book ratio of 3.16 [1][8]