HAIER BIOMEDICAL(SH:688139) Soochow Securities·2024-11-07 17:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown initial signs of improvement in overseas projects, with expectations for synergies from acquisitions and new growth drivers in emerging industries [2][4] - The revenue for the first three quarters of 2024 was 1.782 billion yuan, a decrease of 2.4% year-on-year, while the net profit attributable to the parent company was 309 million yuan, down 13.5% [2] - The company is expected to see a recovery in Q4 2024, driven by improved order delivery in storage and overseas projects [4] Summary by Sections Financial Performance - Total revenue for 2022 was 2.864 billion yuan, with a year-on-year growth of 34.72%. In 2023, revenue decreased to 2.281 billion yuan, a decline of 20.36%. Projections for 2024, 2025, and 2026 are 2.418 billion yuan, 2.780 billion yuan, and 3.225 billion yuan respectively, with expected growth rates of 6.00%, 15.00%, and 16.00% [1][4] - The net profit attributable to the parent company was 600.79 million yuan in 2022, dropping to 406.07 million yuan in 2023, with forecasts of 416.49 million yuan, 502.12 million yuan, and 593.87 million yuan for 2024, 2025, and 2026 respectively [1][4] - The latest diluted EPS for 2022 was 1.89 yuan per share, decreasing to 1.28 yuan in 2023, with projections of 1.31 yuan, 1.58 yuan, and 1.87 yuan for the following years [1] Business Segments - In Q1-Q3 2024, the life sciences segment generated 863 million yuan in revenue, an increase of 3.4%, while the medical innovation segment saw a decline of 7.4% with 913 million yuan in revenue [3] - Domestic revenue for the same period was 1.248 billion yuan, up 3.0%, while overseas revenue was 527 million yuan, down 13.3% [3] - The storage business faced challenges due to delays in solar vaccine project orders, but showed significant recovery in Q3, with overseas project order delivery accelerating [3][4] Growth Drivers - Non-storage new industries contributed significantly, accounting for 45% of revenue in Q1-Q3 2024, with an expected growth rate of over 20% for the year [3] - The integration of acquisition targets has been positive, with the liquid nitrogen tank business achieving a CAGR of 30% since its addition, and public health information technology business revenue growing over 40% [3][4]