三元基因：三季度收入微降，利润同比增长

Investment Rating - The report assigns a "Buy" rating for the company, indicating a favorable outlook compared to the market index [8]. Core Insights - The company reported a revenue of 168.40 million yuan for the first nine months of 2024, reflecting a year-on-year increase of 10.50%. The net profit attributable to shareholders was 11.85 million yuan, up 8.33% year-on-year, while the net profit excluding non-recurring items was 10.18 million yuan, showing a significant increase of 19.55% [1][2]. - In Q3 2024, the company achieved a gross margin of 82.44%, an increase of 2.18 percentage points year-on-year, and a net margin of 4.27%, up 0.96 percentage points year-on-year. The company maintained strict control over expenses, with a sales expense ratio of 47.74%, down 6.64 percentage points year-on-year [4]. Financial Performance Summary - For the first nine months of 2024, the company reported a gross margin of 81.62%, which is an increase of 2.35 percentage points year-on-year, and a net margin of 7.04%, slightly down by 0.14 percentage points year-on-year. The sales expense ratio was 46.45%, down 3.33 percentage points, while the R&D expense ratio was 7.75%, up 0.55 percentage points [1][4]. - The company's total assets amounted to 1,215.68 million yuan, with net assets of 610.50 million yuan, resulting in a net asset value per share of 5.01 yuan [1].