金域医学：常规检测收入增长承压，经营现金流净额环比改善

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][11] Core Views - The company experienced a 13% year-on-year decline in revenue in Q3 2024, primarily due to lower-than-expected growth in routine testing demand and high fixed costs leading to decreased operating leverage [1] - For the first three quarters of 2024, the company reported revenue of 5.619 billion (down 10.95%) and a net profit attributable to shareholders of 94 million (down 83.71%) [1] - The company is focusing on long-termism and innovation, having established 25 new precision medicine centers and 20 new academic and research collaborations in the first three quarters [1] - The gross margin improved in Q3 2024, reaching 36.0%, up 1.5 percentage points from the previous quarter, indicating enhanced management efficiency [1] - The company has improved its cash flow management, with net cash flow from operating activities reaching 312 million in the first three quarters, and 278 million in Q3 alone, representing an 80% year-on-year increase [1] Financial Summary - Revenue projections for 2024-2026 are adjusted to 7.849 billion, 8.658 billion, and 9.598 billion respectively, with year-on-year growth rates of -8.1%, 10.3%, and 10.9% [1][9] - The net profit attributable to shareholders is projected to be 230 million, 689 million, and 846 million for 2024-2026, with year-on-year growth rates of -64.3%, 200.1%, and 22.8% [1][9] - The current price-to-earnings (PE) ratio is 72.6 for 2024, 24.2 for 2025, and 19.7 for 2026 [1][9]