WONDFO BIOTECH(300482) Tai Ping Yang·2024-11-01 13:50Investment Rating - Buy/Maintain rating for Wondfo Biotech (300482) [2] Core Views - Wondfo Biotech's international business is rapidly expanding, while its domestic business shows strong resilience [2] - The company's global layout is accelerating, with COVID-19 single test and fentanyl test reagents obtaining FDA registration certificates [4] - Domestic business demonstrates strong resilience, with 900-speed chemiluminescence installations exceeding expectations [5] - Financial expense ratio is slightly affected by exchange gains and losses, but profitability has improved year-on-year [6] Financial Performance - In the first three quarters of 2024, Wondfo Biotech achieved revenue of 2,181 million yuan, a year-on-year increase of 8.83% [3] - Net profit attributable to the parent company was 436 million yuan, a year-on-year increase of 9.04% [3] - In the third quarter of 2024, revenue was 606 million yuan, a year-on-year increase of 17.51% [3] - Net profit attributable to the parent company in Q3 2024 was 80 million yuan, a year-on-year increase of 22.70% [3] International Business - International business maintains relative stability, with quantitative business achieving rapid growth [4] - Single-person luminescence products in overseas markets have seen significant year-on-year growth [4] - Quantitative platform revenue and proportion have significantly increased, driven by comprehensive instrument deployment [4] - Fentanyl urine test reagent POC professional version and home self-test OTC products have obtained FDA 510(k) approval [4] - Self-developed COVID-19 home test (OTC) product has passed FDA 510(k) approval [4] Domestic Business - Domestic quantitative business saw slight year-on-year growth in Q3 2024, with chemiluminescence business growing rapidly [5] - 900-speed chemiluminescence high-speed machine installations exceeded expectations in the first three quarters of 2024 [5] - 200-speed instrument installations met the 2024 target [5] - Colloidal gold platform achieved rapid year-on-year growth in Q3 2024, exceeding the business rhythm set at the beginning of the year [5] Profitability and Expenses - Comprehensive gross profit margin increased by 0.59pct to 63.43% in the first three quarters of 2024 [6] - Sales expense ratio, management expense ratio, and R&D expense ratio decreased by 1.61pct, 0.50pct, and 0.52pct respectively [6] - Financial expense ratio increased by 1.22pct due to exchange rate fluctuations [6] - Overall net profit margin increased by 0.32pct to 20.16% [6] - In Q3 2024, comprehensive gross profit margin increased by 0.30pct to 61.07% [6] - Net profit margin in Q3 2024 increased by 0.87pct to 13.45% [6] Future Projections - Expected revenue for 2024-2026 is 3,101 million yuan, 3,796 million yuan, and 4,620 million yuan, with year-on-year growth rates of 12%, 22%, and 22% respectively [8] - Expected net profit attributable to the parent company for 2024-2026 is 638 million yuan, 782 million yuan, and 982 million yuan, with year-on-year growth rates of 31%, 23%, and 26% respectively [8] - EPS for 2024-2026 is expected to be 1.32, 1.62, and 2.04 respectively [8] - PE ratio for 2024 is 19 times based on the closing price on October 29, 2024 [8]