WONDFO BIOTECH(300482) Huachuang Securities·2024-11-11 23:33Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 34 yuan, compared to the current price of 26.49 yuan [1]. Core Insights - The company reported a steady revenue growth with a total revenue of 2.181 billion yuan for the first three quarters of 2024, representing an increase of 8.83%. The net profit attributable to shareholders was 436 million yuan, up by 9.04%, and the net profit excluding non-recurring items was 388 million yuan, reflecting a growth of 14.88% [1]. - In Q3 2024, the company achieved a revenue of 606 million yuan, marking a 17.51% increase, while the net profit attributable to shareholders rose by 22.70% to 80 million yuan, and the net profit excluding non-recurring items surged by 49.89% to 63 million yuan [1]. - The report highlights that despite macroeconomic disturbances affecting the IVD industry in China, the company has shown resilience with steady growth in its core business. Profitability was impacted by stock incentive expenses and foreign exchange losses, but recovery in domestic market admissions and ongoing product launches are expected to enhance performance [1]. - The company is making progress in obtaining overseas certifications for its products, which is anticipated to contribute positively to its revenue. Notable achievements include FDA EUA authorization for the respiratory triple test kit and WHO pre-certification for malaria detection products, which will support market expansion in Africa and Southeast Asia [1]. - A new stock incentive plan was introduced in 2024, aimed at boosting the development of the chemiluminescence business, which is seen as a key growth driver for the company [1]. - The financial forecasts for 2024-2026 estimate revenues of 3.25 billion, 3.98 billion, and 4.88 billion yuan, respectively, with net profits projected at 650 million, 800 million, and 1.01 billion yuan, indicating year-on-year growth rates of 33.8%, 23.3%, and 25.7% [1][2]. Financial Summary - Total revenue for 2023 is reported at 2.765 billion yuan, with a projected increase to 3.249 billion yuan in 2024, reflecting a year-on-year growth of 17.5% [2]. - The net profit for 2023 is 488 million yuan, expected to rise to 652 million yuan in 2024, showing a growth of 33.8% [2]. - The earnings per share (EPS) is projected to increase from 1.01 yuan in 2023 to 1.36 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio decreasing from 26 to 20 [2].