Shenzhen New Industries Biomedical Engineering (300832) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached ¥1.20 billion, up 15.38% year-over-year; YTD revenue was ¥3.41 billion, up 17.41% year-over-year.

• Net profit attributable to shareholders for Q3 was ¥480 million, up 10.02% year-over-year; YTD net profit was ¥1.38 billion, up 16.59%.

• Domestic main business revenue grew 13.60% and overseas revenue rose 25.16% year-over-year for the first three quarters.

• Reagent revenue increased 17.93% and instrument revenue rose 16.27% year-over-year for the first three quarters.

• MAGLUMI X8 instrument cumulative sales/installation reached 3,448 units; new SATLARS T8 line achieved 30 installations by period end.

Financial highlights

• Q3 basic and diluted EPS were ¥0.6115, up 10.02% year-over-year; YTD EPS was ¥1.7609, up 16.55%.

• Operating cash flow for Q3 was ¥958 million, up 3.35% year-over-year.

• Total assets at period end were ¥8.84 billion, up 7.47% from year-end 2023; equity attributable to shareholders was ¥8.12 billion, up 7.62%.

• Gross margin for Q3 was 55.1%, slightly down from 56.1% a year ago.

• Net cash from investing activities was -¥653.6 million, mainly due to increased purchase of large-denomination bank certificates.

Outlook and guidance

• Management highlights continued market recognition for new products and expects further growth in both domestic and overseas markets.