HAIER BIOMEDICAL(688139) 华创证券·2024-11-09 09:55Investment Rating - The report maintains a "Recommended" rating for Haier Biomedical (688139) [1] Core Views - The low-temperature storage business shows significant recovery, while non-storage new businesses continue to perform well [1] - Despite external pressures, both domestic and international businesses achieved steady growth, with Q3 2024 revenue increasing by 0.51% year-on-year and 4.17% quarter-on-quarter [1] - The company has successfully accelerated order delivery in overseas projects, leading to a 13.36% year-on-year increase in overseas revenue in Q3 2024 [1] - Non-storage new business revenue grew by 21% year-on-year in the first three quarters of 2024, becoming a key driver for sustainable growth [1] - The net profit margin for Q3 2024 was 14.29%, showing a decline due to non-recurring losses, but is expected to recover as these impacts diminish [1] - The gross profit margin for Q3 2024 was 49.04%, indicating a steady increase [1] Financial Summary - Total revenue for Q1-3 2024 was 1.782 billion yuan, a decrease of 2.43% year-on-year, with a net profit of 309 million yuan, down 13.45% [1] - Q3 2024 revenue was 559 million yuan, with a net profit of 75 million yuan, reflecting a 5% decline year-on-year [1] - The company adjusted its net profit forecasts for 2024-2026 to 410 million, 510 million, and 620 million yuan, with corresponding year-on-year growth rates of 1.4%, 23.5%, and 21.7% [1][2] - The estimated price-to-earnings ratios for 2024-2026 are 26, 21, and 18 times, respectively [2]