2024 年前三季度公司分别实现营收和归母净利润41.40 亿元和7.10亿元，分别同比下降35.14%和67.86%，受去年同期大订单高基数影响，公司业绩出现下滑。剔除大订单影响，2024 年前三季度公司收入同比增长4.48%。其中，2024Q3 剔除大订单影响后收入同比增长12.23%，环比2024Q2 增长11.21%。Incidents:
The company released its report for the third quarter of 2024. In the first three quarters of 2024, the company achieved revenue and net profit to mother of 4.14 billion yuan and 710 million yuan respectively, down 35.14% and 67.86% year-on-year, respectively.
After excluding the impact of large orders, the company achieved steady month-on-month growth in revenue:
In the first three quarters of 2024, the company achieved revenue and net profit of 4.14 billion yuan and 710 million yuan respectively, down 35.14% and 67.86% year-on-year respectively. Affected by the high base of large orders in the same period last year, the company's performance declined. Excluding the impact of large orders, the company's revenue increased 4.48% year-on-year in the first three quarters of 2024. Among them, after excluding the impact of large orders, 2024Q3's revenue increased 12.23% year-on-year, and 11.21% month-on-month in 2024Q2.
New orders have maintained a good trend, and the peptide business is expanding at an accelerated pace:
The company relies on a complete global supply chain system to promote the rapid development of its core business. Currently, the company has signed new orders and is optimistic about marginal improvements in the company's future performance. Among them, the peptide business continues to develop rapidly. Currently, the company has obtained mid- to late-stage peptide clinical projects from many multinational pharmaceutical companies, and has signed commercialization orders for GLP-1 peptides with important domestic customers. In order to ensure timely delivery of orders, the company is actively expanding related production capacity. As of 2024Q3, the company's solid phase peptide synthesis production capacity has exceeded 0.02 million liters.
Excluding the impact of large orders, the profitability of the company's small-molecule business has improved:
The company achieved a gross profit margin of 43.60% in the first three quarters of 2024, a year-on-year decrease of 1.02 percentage points after excluding the impact of large orders. Among them, the gross margin of the small molecule business in the first three quarters of 2024 was about 48.83%, up 1.19 percentage points year-on-year after excluding the impact of large orders. Thanks to the company's excellent cost control capabilities and the growth of late-stage and commercialization projects, the profitability of the small molecule business has improved; the gross margin of the emerging business in the first three quarters of 2024 was about 19.97%, down 12.99 percentage points from the previous year, mainly due to declining production capacity and sluggish domestic markets.
Investment advice:
The company's net profit from 2024 to 2026 is expected to be 0.989 billion yuan, 1.161 billion yuan, and 1.332 billion yuan, respectively, with year-on-year growth rates of -56.4%, 17.4%, and 14.8% respectively; EPS is expected to be 3.16 yuan/share in 2025, 30 times the current PE, corresponding to a 12-month target price of 94.80 yuan/share, giving a buy-A investment rating.
Risk warning: Order growth falls short of expectations, order delivery falls short of expectations, development of emerging businesses falls short of expectations, industry sentiment falls short of expectations, risk of overseas policy changes, etc.
