普门科技：海外及IVD业务表现亮眼，净利率环比改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Pumen Technology (688389.SH) has shown strong performance in its overseas and IVD (in vitro diagnostics) business, with a net profit margin improvement [1] - The company reported a revenue of 857 million yuan for the first three quarters of 2024, representing a year-over-year increase of 5.89%, and a net profit of 257 million yuan, up 25.62% year-over-year [4] - The international business has seen significant growth, with a year-over-year revenue increase of 19.11% in the first three quarters, while the domestic revenue grew by 1.19% [4] - The IVD segment has performed particularly well, with domestic revenue growth of 15.17% and international revenue growth of 25.74% [4] - The company has maintained strong profitability, with a gross margin of 69.89% and a net profit margin of 29.89% for the first three quarters of 2024 [4] Financial Performance Summary - The company achieved a revenue of 2.67 billion yuan in Q3 2024, a year-over-year increase of 6.45%, and a net profit of 860 million yuan, up 21.51% year-over-year [4] - The projected revenues for 2024-2026 are 1.294 billion yuan, 1.498 billion yuan, and 1.736 billion yuan, respectively, with corresponding net profits of 406 million yuan, 484 million yuan, and 580 million yuan [5][6] - The company’s gross margin is expected to improve from 68.4% in 2024 to 69.8% in 2026, while the net profit margin is projected to increase from 31.3% to 33.3% over the same period [8] Growth and Development - The company has launched its fourth consecutive stock incentive plan, indicating confidence in long-term growth, with revenue and net profit growth targets set at 23% and 19% for 2024-2026, respectively [5] - The report emphasizes the company's commitment to R&D innovation and product line expansion, particularly in the chemical luminescence and rehabilitation sectors, which are expected to drive continued growth [5]