LabTech(688056) 国泰君安·2024-10-31 00:50Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company has optimized cost control, resulting in a 194% year-on-year increase in net profit attributable to shareholders in Q3 2024. The company is expected to enhance its high-end analytical instrument product line with ongoing product development [2][3]. Financial Performance - For the first three quarters of 2024, the company achieved revenue of 311 million yuan, a year-on-year increase of 3.72%. The net profit attributable to shareholders was 35.1 million yuan, up 32% year-on-year. In Q3 2024, the company reported revenue of 97 million yuan, a decrease of 6.45% year-on-year, while net profit attributable to shareholders reached 11.3 million yuan, a significant increase of 194% year-on-year [3]. - The gross margin for the first three quarters of 2024 was 44.87%, an increase of 0.30% year-on-year, while the gross margin for Q3 2024 was 45.25%, up 2.56% year-on-year. The company has reduced sales, management, and R&D expense ratios compared to the previous year [3]. Product Development - The company is on the verge of launching several in-development products, including a mass spectrometer that has completed small-scale trial production and passed performance verification. The company has also confirmed the practical application of another mass spectrometer with semiconductor industry clients [3]. Dividend Policy - The company has increased its dividend payout ratio and conducted its first mid-year dividend distribution in 2024, amounting to 7.99 million yuan, reflecting a commitment to returning value to shareholders [3]. Valuation - The report sets a target price of 39.29 yuan, up from the previous target of 28.09 yuan, based on a price-to-sales (P/S) ratio of 4.68 times for 2025, aligning with comparable companies in the industry [3][10]. Market Data - The company's stock price has ranged between 18.50 and 38.49 yuan over the past 52 weeks, with a total market capitalization of 1.871 billion yuan [4]. Financial Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 38 million yuan, 57 million yuan, and 80 million yuan, respectively, with corresponding earnings per share (EPS) of 0.56 yuan, 0.85 yuan, and 1.19 yuan [3][9].