SNIBE(300832) 兴业证券·2024-11-14 06:56Investment Rating - The report maintains an "Accumulate" rating for the company [2][4][6] Core Insights - The company has shown steady growth, with a 17.41% year-on-year increase in revenue for the first three quarters of 2024, reaching 3.414 billion yuan. The net profit attributable to shareholders increased by 16.59% to 1.384 billion yuan, while the net profit excluding non-recurring items grew by 20.80% to 1.331 billion yuan [4][5] - The domestic market revenue grew by 13.60%, while overseas market revenue surged by 25.16%. The sales of the MAGLUMI X8 automated chemiluminescence instrument reached 795 units in the first three quarters, with a cumulative total of 3,448 units sold by the end of Q3 2024 [5][6] - The company is well-positioned in the chemiluminescence market, with a competitive edge in R&D and sales channels. The earnings per share (EPS) forecasts for 2024-2026 are 2.51 yuan, 3.07 yuan, and 3.76 yuan, respectively, with corresponding price-to-earnings ratios of 26.7, 21.8, and 17.9 [6][7] Financial Summary - For 2024, the company is projected to achieve revenue of 4.715 billion yuan, a 20% increase from the previous year, and a net profit of 1.971 billion yuan, reflecting a 19.2% growth [7][8] - The gross margin is expected to remain stable at around 72.7%, with a return on equity (ROE) projected to increase to 22.6% by 2024 [7][8] - The company’s total assets are estimated to grow from 8,222 million yuan in 2023 to 9,504 million yuan in 2024, indicating a strong asset base [8][9]