HAIER BIOMEDICAL(SH:688139) KAIYUAN SECURITIES·2024-11-05 14:57Investment Rating - The investment rating for Haier Biomedical is maintained at "Buy" [1] Core Views - The company faced pressure in its performance during the first three quarters of 2024, but signs of a turning point in operations are emerging [2] - Revenue for Q1-Q3 2024 was 1.782 billion yuan, a year-over-year decrease of 2.43%, while net profit attributable to shareholders was 309 million yuan, down 13.45% year-over-year [2] - The company is adjusting its profit forecasts for 2024-2026, expecting net profits of 434 million, 533 million, and 655 million yuan respectively [2] Financial Performance Summary - For Q1-Q3 2024, the gross margin was 48.51%, down 2.35 percentage points, and the net margin was 17.9%, down 2.12 percentage points [2] - Sales expense ratio decreased to 11.88%, while management expense ratio slightly increased to 7.51% [2] - The company’s revenue from non-storage business reached 45% of total revenue, growing by 21% year-over-year [3] Market Performance - Domestic revenue reached 1.248 billion yuan, an increase of 2.97% year-over-year, while overseas revenue was 527 million yuan, a decrease of 13.32% year-over-year [3] - In Q3 2024, the company achieved revenue of 559 million yuan, a year-over-year increase of 0.51% [2][3] Segment Performance - The life sciences segment generated 863 million yuan in revenue for Q1-Q3 2024, a year-over-year increase of 3.36% [4] - The innovative medical segment reported revenue of 913 million yuan, down 7.42% year-over-year [4] Valuation Metrics - The expected earnings per share (EPS) for 2024-2026 are projected at 1.36, 1.68, and 2.06 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 24.0, 19.5, and 15.9 [2][5]