[ T able_StockInfo] 2024 年 10 月 31 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：44.99 元 安图生物（603658）医药生物 目标价：——元（6 个月） 24Q3 业绩符合预期，DRGs 2.0 影响逐步落地 [Table_Summary 事件：公司发布] 2024 年三季报，前三季度营业收入 33.80 亿元（yoy+4.2 4%），归母净利润 9.56 亿元（yoy+6.13%）扣非归母净利润 9.30 亿元（yoy+ 6.69%）。2024年 Q3 公司营业收入 11.73亿元（yoy+3.38%），归母净利润 3. 37 亿元（yoy-5.18%），扣非归母净利润 3.32 亿元（yoy-3.99%）。 24Q3产品结构持续优化，毛利率提升明显。盈利能力看，Q3毛利率 66.8%， 其中高毛利免疫诊断试剂营收占比提高，低毛利新冠相关业务营收占比下降， 且高毛利化学发光仪器占比有所提升。单三季度销售费用率 15.6%（-0.1pp）， 管理费用率 4.8%（+1.1pp），研发费用率 15.2%（+1.9pp），公司不断加强研 发投入保障持续发 ...

Investment Rating - The report does not provide a specific investment rating for the company, but it suggests to "continue to pay attention" to the company due to expected improvements in profitability and ongoing demand in both domestic and international markets [3]. Core Insights - The company achieved a revenue of 1.72 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 40.1%. However, the net profit attributable to shareholders was 67.14 million yuan, a growth of only 6.5%, while the net profit after deducting non-recurring items decreased by 41.2% [1][2]. - The overall gross margin for the reporting period was 18.7%, a slight decrease of 0.1 percentage points year-on-year. The total expense ratio increased by 2.8 percentage points to 17.1%, primarily due to rising management and financial expenses [2]. - The company is in a phase of business expansion, with a clear strategy for both domestic and international markets. It aims to enhance production technology and optimize operations to cope with price pressures and meet customer demands [3]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 660 million yuan, up 41.9% year-on-year, but the net profit attributable to shareholders fell by 69.7% to 5.44 million yuan. The net profit after non-recurring items dropped by 81.9% [1][2]. - The company’s operating cash flow for the first three quarters of 2024 was 280 million yuan, a significant increase of 381% year-on-year, indicating strong cash flow management [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 0.50 yuan, 0.75 yuan, and 0.98 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 31, 21, and 16 [3][4]. Strategic Outlook - The company is focusing on expanding its production capacity, particularly in biodegradable and household products, with several projects currently in the ramp-up phase. This includes factories in Ningbo, Guangxi, and Thailand [3]. - The report anticipates a recovery in overseas customer demand and sustained growth in domestic food and beverage markets, which could lead to improved profitability in the coming years [3].

[Table_StockInfo] 2024 年 10 月 30 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：19.16 元 欧 科 亿（688308）机械设备 目标价：24.40 元（6 个月） 收入端稳健增长，产能利用率不足影响净利润 [Table_Summary] 事件：公司公布 2024三季报，2024Q1-Q3公司实现营业收入 8.95亿元，同比 增长 11.22%；实现归母净利润 0.90亿元，同比下降 43.70%。2024Q3公司实 现营业收入 3.16 亿元，同比增长 16.08%，环比增长 0.08%；实现归母净利润 0.30 亿元，同比下降 41.85%，环比下降 1.67%。 国内需求承压，公司产能利用率不足，利润端承压。数控刀具属于顺周期产品， 2024 年以来下游需求承压，2024Q3 公司数控刀具营收端仍然实现正增长，体 现较强的韧性，利润端受产能利用率不足影响，有明显下滑。公司数控刀片的 产能已由上市前的 7000 万片扩产到 13000 万片，并且高端产能占比提升，未 来随着需求回暖，公司产能利用率有望提升。硬质合金制品方面，随着棒材等 新建产能投产，硬 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a record high quarterly revenue of 36.82 million yuan in Q3 2024, contributing to a total revenue of 97.56 million yuan for the first three quarters, representing a year-on-year increase of 42.9% [2] - The gross profit margin for the first three quarters was 82.2%, showing a slight increase of 0.5 percentage points year-on-year, indicating stable profitability [2] - The company has several products in the pipeline reaching significant development milestones, including MRX-5 and MRX-8, which have shown promising clinical results [3] - The earnings per share (EPS) forecast for 2024-2026 is projected to be -0.85 yuan, -0.62 yuan, and -0.51 yuan respectively, reflecting ongoing investment in product development despite current losses [3] Financial Summary - For the first three quarters of 2024, the company reported a net profit attributable to shareholders of -290 million yuan [2] - The company’s total assets are projected to grow from 116.86 billion yuan in 2023 to 171.82 billion yuan in 2024, with a significant increase in cash and cash equivalents [6] - The forecasted revenue growth rates for 2024, 2025, and 2026 are 55%, 50%, and 50% respectively, indicating strong growth potential [4][6] - The company’s total market capitalization is approximately 3.1 billion yuan, with a current share price of 4.77 yuan [1][5]

Investment Rating - The report does not specify a clear investment rating for the company [1][6]. Core Insights - The company reported a steady revenue growth of 8.4% year-on-year, reaching 17.22 billion yuan in the first three quarters of 2024, with a net profit of 1.11 billion yuan, reflecting an increase of 11.1% [1][2]. - The company continues to expand its store network, adding 2,254 new stores in the first three quarters of 2024, bringing the total to 15,050 stores across ten provinces and cities [3][4]. - The product structure is undergoing adjustments, with a slowdown in the growth of non-pharmaceutical products, while traditional Chinese medicine and Western medicine continue to show positive growth [3][7]. Financial Performance Summary - For Q3 2024, the company achieved revenues of 5.46 billion yuan, up 5.3% year-on-year, and a net profit of 310 million yuan, an increase of 6.4% [2][3]. - The gross margin for Q3 2024 was reported at 41.1%, an increase of 2.5 percentage points, while the net profit margin was 6.2%, a slight decrease of 0.2 percentage points [2][3]. - The company’s revenue for the first three quarters of 2024 was 172.2 billion yuan, with a projected net profit of 1.59 billion yuan for 2024, reflecting a growth rate of 12.67% [4][7]. Business Segment Analysis - The retail business generated 151.8 billion yuan in revenue for the first three quarters of 2024, representing a growth of 6.8%, while the wholesale business saw a revenue increase of 17.6%, totaling 14.8 billion yuan [3][4]. - The revenue from Western and traditional Chinese medicine reached 130.5 billion yuan, growing by 8.8%, while non-pharmaceutical products generated 19.6 billion yuan, with a minimal growth of 0.2% [3][7]. Future Earnings Forecast - The company is expected to achieve net profits of 1.59 billion yuan, 1.86 billion yuan, and 2.20 billion yuan for the years 2024, 2025, and 2026, respectively [4][7]. - Revenue projections for the years 2024 to 2026 are estimated at 22.59 billion yuan, 24.47 billion yuan, and 28.09 billion yuan, with corresponding growth rates of 8.32%, 14.81%, and 14.88% [4][7].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company, Keshun Co., Ltd. (科顺股份), is a leading player in the waterproofing industry with significant competitive advantages. It has a comprehensive product range and a well-established distribution network, covering over 20,000 points across major economic regions in China [5][8] - In the first three quarters of 2024, the company reported total revenue of 5.14 billion yuan, a year-on-year decrease of 17.7%, while net profit attributable to shareholders reached 130 million yuan, an increase of 53.9% year-on-year. The revenue decline is narrowing, indicating potential recovery [2][17] - The company is focusing on expanding its dealer network and enhancing its market presence, particularly in emerging sectors such as affordable housing and urban renewal, which are expected to drive future revenue growth [2][10] Summary by Sections Financial Performance - In Q3 2024, the company achieved total revenue of 1.67 billion yuan, down 12.6% year-on-year, with a net profit of 30 million yuan, up 51.2% year-on-year. The overall revenue decline is showing signs of stabilization [2][17] - The gross margin improved by 1.9 percentage points to 23.0% in the first three quarters of 2024, driven by market expansion and product optimization efforts [2][18] - The company’s accounts receivable increased by 14.4% to 4.73 billion yuan, primarily due to the consolidation of a subsidiary and credit extensions to certain channel customers [2][18] Market Strategy - The company is actively developing its dealer network and targeting high-quality clients in state-owned enterprises, particularly in infrastructure and industrial construction sectors [2][10] - It is also leveraging new media platforms for marketing and responding to national policies like the Belt and Road Initiative to expand its international market presence [2][10] - The focus on urban renewal and old community renovations is expected to create new demand for waterproofing materials, benefiting the company as a leading player in the industry [10][13] Industry Outlook - The waterproofing industry is characterized by a high concentration of small enterprises, with significant room for consolidation as regulatory standards increase [13][20] - Recent government policies aimed at stabilizing the real estate market and promoting urban renewal are anticipated to support a recovery in downstream demand for waterproofing materials [10][17] - The company is expected to benefit from these trends, with projected revenue growth rates of 10.2% and net profit growth rates of 50.3% for 2025-2026 [2][20]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.26 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 43.4%, with a net profit attributable to the parent company of 310 million yuan, up 29.5% year-on-year [1] - The revenue for the third quarter alone was 450 million yuan, showing a year-on-year increase of 39.1%, with a net profit of 110 million yuan, reflecting a growth of 19.9% year-on-year [1] - The overall profit level remains high despite a slight decline in gross margin due to changes in revenue structure and increased costs from stock incentive plans and exchange rate fluctuations [2] Summary by Relevant Sections Financial Performance - The comprehensive gross margin for the first three quarters was 46.5%, down 1.5 percentage points year-on-year, primarily due to an increase in equipment revenue proportion and a decrease in ink gross margin due to price cuts at the beginning of the year [2] - The net profit margin for the first three quarters was 25.4%, down 3.0 percentage points year-on-year, influenced by stock incentive costs and exchange rate fluctuations [2] - The company’s expense ratio for the first three quarters was 17.5%, an increase of 2.2 percentage points year-on-year, mainly due to rising financial costs from exchange rate fluctuations [2] Business Strategy - The company is expanding its product offerings beyond textile digital printing equipment to include applications in book printing, building materials, and corrugated paper printing, generating 60 million yuan in revenue from these new products in 2023 [3] - The company’s IPO fundraising project for an annual production capacity of 2,000 sets of printing equipment and consumables has commenced, enhancing capacity and quality [3] - The company expects to achieve a production capacity of 3,520 sets of printing equipment and a 47,000-ton ink base by 2025, with a smooth ramp-up in production expected to sustain high growth in performance [3] Profit Forecast and Investment Suggestion - The company’s net profit attributable to the parent company is projected to be 440 million yuan, 560 million yuan, and 670 million yuan for 2024, 2025, and 2026, respectively, corresponding to EPS of 2.42 yuan, 3.10 yuan, and 3.72 yuan [3] - The forecast indicates a compound annual growth rate (CAGR) of 27.1% for net profit over the next three years, supporting the "Buy" rating [3]

Investment Rating - The report does not specify a clear investment rating for the company Core Insights - The company reported a steady revenue growth of 1.2% year-on-year, achieving a total revenue of 162.3 billion yuan in the first three quarters of 2024, while the net profit attributable to shareholders decreased by 12.1% to 6.3 billion yuan [1] - The company is implementing the Torch Project to enhance gross profit margins, achieving a gross margin of 33.9% in the first three quarters of 2024, an increase of 1.4 percentage points [2] - The company is focusing on both advantageous provinces and expanding into lower-tier markets, with a total of 15,591 stores, including 10,300 direct-operated and 5,291 franchised stores, adding 2,368 new stores in the first three quarters of 2024 [2] - The new retail segment is growing steadily, with online sales reaching 1.74 billion yuan, a year-on-year increase of 16%, and private domain sales through mini-programs growing by 22.6% [3] Financial Summary - For 2024, the company expects revenues of 235 billion yuan, 270 billion yuan in 2025, and 310 billion yuan in 2026, with net profits of 8.9 billion yuan, 10.0 billion yuan, and 12.6 billion yuan respectively [8] - The company’s revenue growth rates are projected at 4.86% for 2024, 14.77% for 2025, and 14.97% for 2026 [4] - The gross margin is expected to improve from 34.02% in 2024 to 36.14% in 2026 [4] - The earnings per share (EPS) is projected to be 1.22 yuan in 2024, increasing to 1.66 yuan by 2026 [4]

Investment Rating - The investment rating for the company is "Hold" [1]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with total revenue reaching 4.09 billion yuan, a year-on-year increase of 23.5%, and a net profit attributable to shareholders of 440 million yuan, up 37.6% year-on-year [1]. - The company is expanding its overseas market presence, collaborating with well-known domestic and international renewable energy companies, and has successfully entered over 40 countries and regions [1]. - The company is investing in new facilities to increase production capacity, with a total investment of 1 billion yuan aimed at enhancing its manufacturing capabilities [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.09 billion yuan, a 23.5% increase year-on-year, and a net profit of 440 million yuan, a 37.6% increase year-on-year. The third quarter alone saw revenues of 1.62 billion yuan, up 14.9% year-on-year, and a net profit of 190 million yuan, up 22.1% year-on-year [1]. - The gross margin and net margin remained stable, with gross margins at 23% and net margins at 10.7% for the first three quarters of 2024 [1]. Cost and Expenses - Sales expenses increased by 40.4% year-on-year to 180 million yuan, primarily due to business scale growth and increased costs related to bidding and sales personnel [1]. - Research and development expenses rose by 33% year-on-year to 140 million yuan, reflecting the company's commitment to enhancing its R&D capabilities [1]. Capacity Expansion - The company is transitioning its existing production project to the "Mingyang Modern Energy High-end Equipment Technology Park Project," with a total investment of 1 billion yuan. This project aims to produce 10,000 sets of complete switchgear, 2,000 dry-type transformers, and 1,000 box-type substations annually, expected to be completed by the end of 2026 [1]. Market Expansion - The company is actively expanding its overseas market presence, with products now covering Southeast Asia, Europe, and North America. It has developed competitive technological solutions for various applications, enhancing its industry position [1]. Profit Forecast - Revenue projections for 2024-2026 are 6.42 billion yuan, 8.08 billion yuan, and 9.83 billion yuan, respectively, with net profit growth rates of 28.4%, 30.3%, and 29.3% [2].

Investment Rating - The report does not provide a specific investment rating for the company, but it indicates that the industry is expected to follow the market with an overall return between -5% and 5% over the next six months [11]. Core Insights - The company reported a steady revenue growth of 4.6% in Q3 2024, achieving a total revenue of 1.19 billion yuan, while the net profit attributable to shareholders was -40 million yuan, indicating a narrowing loss compared to previous periods [1]. - For the first three quarters of 2024, the company achieved a total revenue of 3.61 billion yuan, reflecting a year-on-year increase of 7.9%, with a net profit of -210 million yuan, which is an improvement of 4.6% year-on-year [1]. - The company has made progress in cost reduction and efficiency improvement, with total expense ratios decreasing by 3.0 percentage points in the first three quarters of 2024 [1]. - The company has established a strategic partnership with Korea's CHA Group to set up China's first referral center, enhancing its academic capabilities and international cooperation [2]. Financial Performance Summary - In Q3 2024, the company achieved a revenue of 1.19 billion yuan, with a year-on-year growth of 4.6% [1]. - The net profit attributable to shareholders for Q1-Q3 2024 was -210 million yuan, showing a year-on-year improvement of 4.6% [1]. - The company’s gross profit margin for the first three quarters was 9.2%, an increase of 0.4 percentage points year-on-year [1]. - The company expects revenues for 2024, 2025, and 2026 to be 5.1 billion yuan, 5.8 billion yuan, and 6.5 billion yuan respectively, with a forecasted return to profitability in 2025 [2][7]. Revenue and Profit Forecast - The report forecasts that the company will achieve revenues of 5.1 billion yuan in 2024, 5.8 billion yuan in 2025, and 6.5 billion yuan in 2026 [2][7]. - The company anticipates that the utilization rate of hospital beds will continue to improve, leading to a gradual realization of scale effects [2][7]. - The report includes key assumptions for revenue growth, including a projected bed utilization rate of 100% in 2024, increasing to 120% by 2026 [6].