英诺特：海外拓展加速，业绩高增长确定性进一步提升

Investment Rating - The report maintains a "Buy" rating for the company Innotech (688253) [2] Core Views - The company has accelerated its overseas expansion, enhancing the certainty of high growth in performance [2] - Recent achievements include obtaining four new product qualifications for respiratory virus detection kits in Malaysia and Myanmar, which expands the company's international market presence [2][3] - The Southeast Asian market is identified as a key growth area, with a significant population base and a shorter product registration cycle, which is expected to drive overseas revenue growth [2][3] Financial Summary - Revenue projections for 2024-2026 are estimated at 816 million, 1.08 billion, and 1.42 billion yuan, respectively, with corresponding net profits of 389 million, 517 million, and 687 million yuan [4][5] - The expected EPS for the same period is 2.85, 3.79, and 5.04 yuan per share, with current P/E ratios of 14.81, 11.14, and 8.38 times [4][5] - The company is expected to benefit from reduced impacts of hospital medical adjustments in the second half of 2024 and increased penetration of respiratory testing in domestic markets [4]