管理能力持续稳健，销售费用率稳步下降。费用率方面，2023Q1-Q3 销售费用8854万元（+36.19%），费用率11.00%、同比下降0.05pp。管理费用7135 万元（+40.34%），费用率8.86%、同比提升0.22pp。研发费用4114 万元（+25.77%），费用率5.11%、同比下降0.45pp，财务费用-3044 万元（-86.41%），费用率-3.78%、同比下降1.01pp。Event: The company released its 2023 three-quarter report. In the first three quarters, the company achieved operating income of 805 million yuan, an increase of 36.78% over the previous year; net profit of 113 million yuan, an increase of 15.69% over the previous year; net profit after deduction of 121 million yuan, an increase of 26.30% over the previous year.
Revenue is growing rapidly, and fluctuations in gross margin disrupt profits. On a quarterly basis, 2023Q3 revenue was about 282 million yuan (+28.44%), with net revenue of about 29.59 million yuan (-23.82% YoY), not about 29.14 million yuan (-21.50% YoY).
We expect revenue growth to be faster than profit mainly due to: ① Good market demand for the company's downstream pharmaceutical molecular blocks and scientific reagent segments, and the continuous increase in the breadth and depth of the company's products; ② Fluctuations in gross margin: the decline in the company's overall gross profit margin of 40.23% (-4.63pp) led to a 13.99% (-2.67pp) fluctuation in net profit margin.
The management capacity continues to be steady, and the sales expense ratio has been steadily declining. In terms of cost ratio, 2023Q1-Q3 sales expenses were 88.54 million yuan (+36.19%), and the fee rate was 11.00%, down 0.05 pp from the previous year. Management expenses were 71.35 million yuan (+40.34%), and the cost rate was 8.86%, up 0.22pp from the previous year. R&D expenses were 41.14 million yuan (+25.77%), the cost rate was 5.11%, down 0.45 pp from the previous year, the financial expenses were 30.44 million yuan (-86.41%), and the cost rate was -3.78%, down 1.01 pp from the previous year.
Profit forecast and investment advice: Considering that the company's business demand is strong, but gross margin fluctuates slightly, we adjusted our profit forecast. The estimated operating income for 2023-2025 is 1,128 billion yuan, 1,530 billion yuan, and 2,042 billion yuan (before adjustments of about 1,128 billion yuan, 1,530 billion yuan, 2,042 billion yuan), growth rates of 35.31%, 35.57%, and 33.47% respectively; net profit is 175 million yuan, 233 million yuan, and 312 million yuan (adjustments before adjustments) The previous 2023-2025 years were about 202 million yuan, 270 million yuan, and 353 million yuan), with growth rates of 20.12%, 33.03%, and 33.65%, respectively. The corresponding PE valuations for 2023-2025 were 35, 26, and 19 times, respectively. Considering that the company is on a track with broad development space, the company is expected to bring long-term growth through new product development and overseas expansion in the future, enjoy valuation premiums, and maintain a “buy” rating.
Risk warning events: The public information used in the research report may have the risk of information being delayed or not updated in a timely manner, the risk of production capacity growth falling short of expectations, loss of core technical personnel, risk of declining gross margin, exchange rate risk, risk of rising raw material supply and price, environmental protection and production safety risks.