Autobio(SH:603658) Tai Ping Yang·2024-11-07 05:43Investment Rating - The report maintains a "Buy" rating for the company Antu Biology (603658) [2][6] Core Views - Despite external environmental pressures, the company's revenue has shown steady growth, and there are expectations for a performance turning point [2][4] - The company reported a revenue of 3.38 billion yuan in Q3 2024, reflecting a year-on-year growth of 3.38%, while the net profit for the same period was 337 million yuan, a decrease of 5.18% [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 3.38 billion yuan, a year-on-year increase of 4.24%, and a net profit of 956 million yuan, up 6.13% [3] - The operating cash flow for the first three quarters was 949 million yuan, showing a slight decline of 0.23% year-on-year [3] - The comprehensive gross margin for the first three quarters improved by 1.27 percentage points to 65.86%, while the overall net profit margin increased by 0.45 percentage points to 28.68% [5] Revenue and Profit Forecast - The company is expected to generate revenues of 4.666 billion yuan, 5.412 billion yuan, and 6.215 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 5%, 16%, and 15% [6][8] - The forecasted net profits for the same years are 1.325 billion yuan, 1.623 billion yuan, and 1.946 billion yuan, with growth rates of 9%, 22%, and 20% respectively [6][8] Market Position and Future Outlook - The report indicates that the company is likely to maintain stable growth, supported by a favorable installation trend of its product lines and high-speed chemiluminescence analyzers, which are expected to contribute significantly to reagent sales in the long term [4][5] - The anticipated implementation of inter-provincial alliance procurement for IVD reagents starting in September 2024 is expected to further boost sales volume [4]