英诺特2024年三季报业绩点评：呼吸道系列产品增长迅速，海外市场可期

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark index by more than 20% over the next 12 months [5][15]. Core Insights - The company's revenue for the first three quarters of 2024 reached approximately 521 million yuan, representing a year-on-year growth of 87.05%. The net profit attributable to the parent company was about 245 million yuan, up 182.65% year-on-year [2][3]. - The rapid growth of the non-COVID respiratory product series is highlighted, with revenue from this segment accounting for approximately 84.83% in 2023 and increasing to 97.74% in the first half of 2024. This segment includes various testing kits for respiratory pathogens [2][3]. - The company has been expanding its overseas market presence, recently obtaining product approvals in Malaysia and Myanmar, which is expected to accelerate revenue growth from international markets [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the gross margin, net profit margin, and net profit margin after deducting non-recurring items were 81.0%, 47.0%, and 43.0%, respectively, showing increases of 9.35, 15.88, and 19.27 percentage points year-on-year [2]. - The company forecasts revenues of 782 million yuan, 943 million yuan, and 1.119 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 356 million yuan, 463 million yuan, and 567 million yuan [3][4]. Market Outlook - The respiratory pathogen testing market is in a rapid growth phase, and the company is positioned as a leading player in this sector, expected to benefit from industry expansion [3]. - The report anticipates that the company's overseas business will become a new growth engine as more product qualifications are approved [2][3].