In the first three quarters of 2019, the company realized a net profit of 122 million yuan, an increase of 281.36% over the same period last year. The company announced that revenue in the first three quarters of 2019 was 845 million yuan, an increase of 31.42% over the same period last year; net profit of 122 million yuan, an increase of 281.36% over the same period last year; and EPS0.17 yuan per share. Of this total, 3Q2019 achieved revenue of 291 million yuan, an increase of 46.02% over the same period last year, and a net profit of 45 million yuan, an increase of 190.71% over the same period last year.
The price of nucleotides remained high and the gross profit margin increased significantly. During the reporting period, the beneficiary food additive industry continued to pick up, and the price of nucleotides for the company's main products remained high. According to the data from Zhuochuang, which we track, the average sales price of nucleotide iTung in the first three quarters of 2019 was 103,000 yuan / ton, up 9.84% from 93800 yuan / ton in the same period last year, and the average nucleotide price difference was 8820 million yuan / ton. an increase of 11.23% over 79300 yuan / ton in the same period last year. As a result, the company's comprehensive gross profit margin was 34.85% in the first three quarters of 2019, a significant increase of 9.48 percentage points from 25.37% in the same period last year.
With the merger and acquisition of Jiuling Pharmaceutical, pharmaceutical intermediate products are further enriched. The operating results of Jiuling Pharmaceutical, the subject of mergers and acquisitions, have been included in the consolidated statements since February 2019, which is another important contribution to the company's performance growth. The net profits attributed to the parent company after deducting non-recurring profits and losses from 2017 to 2020 are not less than 3020 yuan, 3200 yuan, 3790 yuan and 43.5 million yuan respectively. Jiuling Pharmaceutical is a pharmaceutical and chemical enterprise engaged in the research, development, production and sales of pharmaceutical intermediates. We believe that through this merger, the company's range of pharmaceutical intermediates will be further enriched. the business scale of chemical API and pharmaceutical intermediates will be further enhanced to achieve vertical integration.
The rate of expenses increased slightly during the period. During the reporting period, the company's expense rate was 18.29%, a slight increase of 0.32 percentage points over the same period last year. Split, the company's sales expense rate, management expense rate and financial expense rate in the first three quarters of 2019 were 2.42%, 14.96% and 0.91%, respectively, down 1.5 percentage points from the same period last year, up 2.5 percentage points, and down 0.67 percentage points.
Profit forecast. We estimate that from 2019 to 2021, the company's EPS will be 0.23,0.25,0.27 yuan respectively. Combined with the comparable company valuation level, we give the company 25-28 times PE in 2019, corresponding to a reasonable value range of 5.75-6.44 yuan, which is better than the market rating.
Risk tips: the price of nucleotides has fallen, the performance commitments of mergers and acquisitions are not up to standard, and the market demand for pharmaceutical raw materials has declined.