SNIBE(300832) 海通证券·2024-11-06 01:58Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a steady revenue growth with Q3 2024 revenue at 1.203 billion yuan, a year-on-year increase of 15.38%, and a net profit of 480 million yuan, up 10.02% year-on-year [5] - For the first three quarters of 2024, the company achieved a revenue of 3.414 billion yuan, reflecting a year-on-year growth of 17.41%, and a net profit of 1.384 billion yuan, which is a 16.59% increase year-on-year [5] - The company has optimized its installation structure, with 75% of the automated chemical luminescence instruments installed being large machines [6] - The overseas market saw a significant revenue increase of 25% year-on-year, with reagent business revenue growing by 32% in the first three quarters of 2024 [6] Financial Performance Summary - The company’s Q3 2024 gross margin was 71.85%, down 2.51 percentage points year-on-year, while the net profit margin was 39.93%, down 1.94 percentage points year-on-year [5] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.56 yuan, 3.18 yuan, and 3.86 yuan respectively, with net profit growth rates of 21.4%, 24.4%, and 21.2% [7] - The company’s total revenue is expected to reach 4.739 billion yuan in 2024, with a year-on-year growth of 20.6% [8] Market Position and Growth Potential - The company is positioned in a high-growth medical device sector, with a focus on expanding its influence in the overseas market, particularly with its SNIBE brand [6][7] - The company is expected to maintain a strong growth trajectory, supported by its product offerings and market expansion strategies [6][7]