Q3 营收创历史新高，利润基本符合市场预期。公司前三季度营收创历史新高，盈利能力同比改善，毛利率为26.17%（YoY+1.52pct），净利率为13.10%（YoY+1.07pct）。单季度来看，2024Q3 实现营收15.26 亿元（YoY+22.68%），归母净利润1.74 亿元（YoY+32.43%），扣非净利润1.70亿元（YoY+35.19%），营收创历史新高，毛利率为25.36%，同比+0.67pct，环比-0.51pct，净利率为11.42%，同比+0.90pct，环比-1.83pct。我们认为收入及利润快速增长的主要原因是：①医药板块景气度回升，海外需求旺盛，产品价格提升；②主导产品销量持续提升，有效稳固市占率。我们认为毛利率及净利率环比下降的原因是：①Q3 财务费用率为0.84%，环比+1.62pct，或主要受到汇兑影响；②毛利率较低的动保产品销量持续增长，占比提升。occurrences
On October 18, 2024, the company released its 2024 three-quarter report. 2024Q1-3 achieved operating income of 4.418 billion yuan (YoY +9.00%), net profit of 0.579 billion yuan (YoY +18.36%), deducting non-net profit of 0.565 billion yuan (YoY +16.87%).
viewpoints
Q3 Revenue reached a record high, and profits were generally in line with market expectations. The company's revenue for the first three quarters reached a record high, and profitability improved year-on-year, with gross margin of 26.17% (YoY+1.52pct) and net margin of 13.10% (YoY+1.07pct). Looking at a single quarter, 2024Q3 achieved revenue of 1.526 billion yuan (YoY +22.68%), net profit of 0.174 billion yuan (YoY +32.43%), minus non-net profit of 0.17 billion yuan (YoY +35.19%). Revenue reached a record high. The gross margin was 25.36%, +0.67pct year on year, and -0.51 pct month-on-month, and a net margin of 11.42%, +0.90 pct year on month. We believe that the main reasons for the rapid increase in revenue and profit are: ① the pharmaceutical sector is booming, overseas demand is strong, and product prices are rising; ② the sales volume of leading products continues to rise, effectively stabilizing market share. We believe that the reason for the month-on-month decline in gross margin and net margin is: ① the Q3 financial expense ratio was 0.84%, +1.62pct month-on-month, or was mainly affected by exchange; ② the sales volume of animal insurance products with low gross margin continued to grow, and the share increased.
The sales volume of Dongbao API products continued to grow, and the market share further increased. By business, in the specialty APIs business, the company set up an independent management team, which effectively improved operating efficiency; the cephalosporin series business achieved strong growth in production and sales; the pharmaceutical semi-formulation business, which achieved significant results in commercialization projects with key international customers such as Abbott; in the key pharmaceutical intermediates business, the company increased international market exports and achieved year-on-year revenue growth; the animal protection APIs business, fluorphenicol, doxycycline and other products further increased its market share.
The fund-raising project was completed and put into operation, and production capacity was further expanded. The company continues to promote the construction of key projects, including fund-raising projects. The company's fixed assets grew rapidly from 1.178 billion yuan in 2019 to 3.693 billion yuan in 2023, and the total scale expanded more than 3 times. By the end of September 2024, the fixed asset scale had increased to 3.999 billion yuan. At present, key projects such as the company's fund-raising projects have been completed one after another, and production capacity for major products has been further expanded.
Investment advice
The company's main products have a high market share and a complete industrial chain. In the future, it is expected to achieve global leadership of 30 large-scale products, routine production of 80 products, and production capacity of 120 products. The company's 2024/25/26 revenue is 6.001/6.817/7.828 billion yuan, and net profit to mother is 0.833/1.006/1.206 billion yuan, corresponding to the current PE of 14/11/10X, and continues to be given a “buy” rating.
Risk warning
Industry policy risks; increased risk of market competition; risk of falling product prices; risk of foreign exchange rate fluctuations.
