Lifotronic(SH:688389) Huafu Securities·2024-11-08 12:04Investment Rating - The report maintains a "Buy" rating for the company [3][5][11] Core Views - The company reported steady revenue growth with Q3 2024 revenue reaching 267 million (+6.4%) and net profit attributable to shareholders at 85.54 million (+21.51%) [1] - The gross margin improved to 70% in Q3 due to product mix optimization, while the selling expense ratio decreased to 14.3%, indicating potential for continued profitability improvement [1] - The in vitro diagnostics (IVD) business saw revenue of 678 million in the first three quarters of 2024, a year-on-year increase of 19%, with domestic and international segments growing by 15% and 26% respectively [2] - The launch of the luminescent assembly line is expected to enhance reagent sales, and international market efforts are being strengthened to improve competitiveness [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 267 million (+6.4%) and net profit of 85.54 million (+21.51%) [1] - For the first three quarters of 2024, total revenue was 857 million (+5.89%) and net profit was 257 million (+25.62%) [1] - The company adjusted its revenue forecasts for 2024-2026 to 1.33 billion, 1.71 billion, and 2.18 billion respectively, with growth rates of 16%, 28%, and 28% [3] Business Segments - The IVD segment's revenue for the first three quarters of 2024 was 678 million, with domestic revenue at 442 million (+15%) and international revenue at 237 million (+26%) [2] - The clinical medical business faced challenges due to a high base in 2023, resulting in a slight decline, while the skin aesthetics business grew by 8% [2] Market Outlook - The promotion of the luminescent assembly line and international market expansion are expected to create further growth opportunities for the company [2]