Performance summary: the company realized income of 2.585 billion yuan (- 5.69%) in the first three quarters, returned net profit of 286 million yuan (- 13.47%), and deducted non-net profit of 251 million yuan (- 22.14%). 23Q3 realized revenue of 800 million yuan in a single quarter (year-on-year-18.03%, month-on-month-14.36%), net profit of 102 million yuan (- 37.18%), and deduction of non-net profit of 77.27 million yuan (- 51.32%).
API fluctuations affect income, and nuclear drugs are under short-term pressure. The revenue of ① API in the first three quarters was 1.347 billion yuan (- 17.36%), mainly due to the decrease in sales of heparin sodium. The income of nadroparin calcium for injection in ② preparation business was 153 million yuan (- 48.14%). The water injection won the bid and the sales volume of powder injection decreased. ③ nuclear drug plate FDG income 316 million yuan (+ 7.85%); technetium labeled drug income 78.45 million yuan (+ 21.70%), hospital diagnosis and treatment recovery sales increased; Yunke injection income 192 million yuan (+ 14.29%).
The layout of nuclear drugs has been continuously enriched, and the company continues to deepen the layout of nuclear drugs. In terms of nuclear drug innovation, prostate cancer PSMA diagnosis and treatment, LNC1001 (FMel 18 diagnosis) is expected to enter the third phase of clinical trial in 23Q4. In May, LNC1003 (Lu-177 therapy) FDA has been approved for FAB target diagnosis and treatment of solid tumors. LNC1005 (Fmur18) has completed phase I clinical trials. LNC1004 (Lu-177 therapy) overseas phase I clinical trials have begun to include patients. In terms of nuclear drug network layout, it is expected that more than 30 nuclear drug production centers will be put into operation by the end of 23. In addition, the industrial chain layout includes R & D platform Lanacheng, CRO platform Meadu Bio, CMO platform Andico, and actively promotes the construction of radionuclide supply platform.
Alzheimer's has plenty of room and is expected to contribute to incremental performance. There is a wide space for the diagnosis of Alzheimer's disease, and with the related drugs on the market, the demand for A β and Tau protein detection is expected to be released. The company has a high-barrier nuclear drug transport network layout, which is expected to benefit from cooperation. In terms of products, Tau protein testing product APN-1607 is in the third clinical stage and is expected to be submitted to NDA in 24 years.
Profit forecast and rating: the company's revenue from 2023 to 2025 is expected to be 3443pm 3798pm, an increase of-3.9%, 10.3% and 9.6%, respectively, and its home net profit is 3577,450pm, an increase of 16.1%, 26.2% and 28.7%, respectively. Maintain a "buy" rating.
Risk hint: product sales are not as expected, and the progress of new drug research and development is not as expected.