Q3 收入恢复较快增长，利润端持续承压。单季度来看，2024Q3 公司实现营收1.32 亿元，同比+12.24%，环比+17.86%，实现归母净利润-904.36万元（YoY-270.23%）、扣非净利润-984.36 万元（YoY-399.98%），毛利率为8.62%，同比-16.06pct，环比-4.18pct，净利率为-7.33%，同比-11.38pct，环比+1.43pct。我们认为Q3 利润端承压的主要原因是：①上游植物甾醇涨价及部分产品的工艺优化影响公司毛利率；②期间费用率同比大幅提升，2024Q3 期间费用率为28.28%(YoY+5.18pct)，其中，研发投入增加，使得研发费用率提升至9.09%(YoY+1.17pct)，银行借款增加及利息收入减少，使得财务费用率提升至4.14%(YoY+1.67pct)。occurrences
On October 23, 2024, the company released its 2024 three-quarter report. 2024Q1-3 achieved operating income of 0.365 billion yuan (YoY -5.10%), net profit attributable to mother of -0.014 billion yuan (YoY -162.16%), and deducted non-net profit of -0.015 billion yuan (YoY -190.91%).
viewpoints
Q3 Revenue resumed rapid growth, and profit side continued to be under pressure. Looking at a single quarter, 2024Q3 achieved revenue of 0.132 billion yuan, +12.24% year over month, +17.86% month on month, net profit to mother of -9.0436 million yuan (YoY -270.23%), net profit of -9.8436 million yuan (YoY -399.98%), gross margin of 8.62%, -16.06 pct year on year, -4.18 pct month on month, net margin of -7.33%, year-on-year -11.38pct, month-on-month + 1.43pct We believe that the main reasons for the pressure on the profit side of Q3 are: ① the price increase of upstream phytosterol and process optimization of some products affected the company's gross profit margin; ② the cost ratio during the 2024Q3 period increased significantly, with the cost rate of 28.28% (YOY+5.18pct) during the period. Among them, R&D investment increased to 9.09% (YOY+1.17pct), increased bank loans and reduced interest income, which raised the financial expense ratio to 4.14% (YOY+1.67pct).
The products were extended to APIs, and global registrations were submitted one after another in the second half of the year. The subsidiary Huahai Joint has stocked 13 API products, including testosterone, didrogesterone, ursodeoxycholic acid, fluvir, and exemestane. Since H2 in 2024, the company has successively submitted product registration declarations in China, the United States, Europe, etc., and it is expected that some products will be sold in 2025. In terms of production capacity, by the end of June 2024, the first phase of the product construction project was basically completed, and a second phase product production line was added to continuously enrich the API production line and products.
Large-scale production capacity is being invested to help revenue grow rapidly. As of the end of September 2024, the total fixed assets of the company were 0.858 billion yuan, an increase of 0.34 billion yuan compared with the end of June 2024, an increase of 0.649 billion yuan over the end of 2023. The total scale was increased by about 4 times, and the total number of projects under construction was 0.856 billion yuan. It is expected that the fund-raising project “Progesterone and Intermediate BA Production and Construction Project” will be officially put into operation at 2024H2, and the Huahai Joint Pharmaceutical Ingredients Phase I project will achieve large-scale production in 2025. In addition, some industrial chain upgrading projects are expected to be successfully put into operation and achieve benefits by the end of 2024 or 2025H1.
Investment advice
Prices of the company's starting material products have begun to rise, and the fund-raising project is also expected to be put into operation and achieve revenue this year. The company's revenue for 2024/25/26 is 0.57/1.034/1.427 billion yuan, and net profit to mother is -0.027/0.054/0.088 billion yuan, corresponding to the 25/26 PE of 40/24X, which continues to be rated “increase in weight”.
Risk warning
Industry policy risk; market competition increases risk; production capacity investment falls short of expectations; risk of product development failure; risk of falling product prices.
