Novogene(688315) 国盛证券·2024-11-04 00:43Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company demonstrated stable operations in Q3 2024, with revenue growth of 4.68% year-on-year and net profit growth of 12.52% [1] - The improvement in profit growth compared to revenue is attributed to a decrease in expense ratio and an increase in fair value changes [1] - The establishment of laboratories in Germany and Japan enhances the company's global service capabilities [1] - The Falcon system's upgrade significantly boosts production efficiency across global laboratories [1] - The company is focused on innovation and efficiency, with a notable increase in published SCI articles and the development of advanced delivery systems [1] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 1.519 billion, a year-on-year increase of 6.31%, and a net profit of 134 million, up 7.33% [1] - In Q3 2024, revenue reached 523 million, with a net profit of 56.53 million, reflecting a 12.52% increase [1] - The net profit margin for Q3 was 11.03%, an increase of 0.59 percentage points year-on-year [1] - The company expects revenues of 2.141 billion, 2.414 billion, and 2.747 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 201 million, 249 million, and 313 million [2][9] Operational Highlights - The company has expanded its overseas business, generating 501 million in revenue in H1 2024, accounting for 50.26% of total revenue [1] - The global service network covers approximately 90 countries and regions, serving around 7,300 clients [1] - The company continues to enhance its local presence with new laboratories in key international markets [1] Future Outlook - The company anticipates revenue growth rates of 6.9%, 12.8%, and 13.8% for the years 2024, 2025, and 2026 respectively [2] - The projected net profit growth rates are 13.1%, 23.5%, and 25.6% for the same periods [2]