小分子业务毛利率水平有所改善，剔除大订单影响后营收环比增长2024 年前三季度小分子业务收入33.87 亿元，剔除大订单影响后同比增长7.71%；单Q3 季度小分子业务实现收入11.92 亿元，剔除大订单影响后同比增长18.89%，环比增长22.52%。2024 年前三季度小分子业务毛利率48.89%，剔除大订单影响后同比提升1.19 个百分点，随着公司各项成本管控措施的有效实施，以及临床后期项目和商业化项目增多，小分子业务已基本消化因大订单增加的各项资源。Incidents:
On October 30, 2024, Gloria Ying released its report for the third quarter of 2024. The company achieved operating income of 4.14 billion yuan (-35.14% YoY) in the first three quarters of 2024, a year-on-year increase of 4.48% after excluding the impact of large orders, net profit attributable to shareholders of listed companies was 0.71 billion yuan (-67.86% YoY), and net profit attributable to shareholders of listed companies was 0.663 billion yuan (-67.41% YoY). The 2024 Q3 quarter achieved operating income of 1.443 billion yuan (-18.09% YoY), a year-on-year increase of 12.23% after excluding the impact of large orders, and an increase of 11.21% over the previous quarter. Net profit attributable to shareholders of listed companies was 0.211 billion yuan (-59.68% YoY).
Investment highlights:
The gross margin level of the small molecule business improved. Excluding the impact of large orders, the small molecule business revenue increased by 3.387 billion yuan in the first three quarters of 2024, and increased 7.71% year over year after excluding the impact of large orders; the small molecule business achieved revenue of 1.192 billion yuan in a single Q3 quarter, an increase of 18.89% year on year and 22.52% month on month after excluding the impact of large orders. The gross profit margin of the small molecule business in the first three quarters of 2024 was 48.89%, up 1.19 percentage points year-on-year after excluding the impact of large orders. With the effective implementation of the company's various cost control measures and the increase in post-clinical projects and commercialization projects, the small molecule business has basically absorbed all the resources due to the increase in large orders.
Emerging business projects are about to enter the delivery period. Emerging business revenue is expected to resume in the Q4 quarter, down 8.37% year on year in the first three quarters of 2024, mainly due to the slow recovery in biomedical financing; in the Q3 quarter alone, emerging businesses achieved revenue of 0.245 billion yuan, a year-on-year decrease of 13.26%. Judging from ongoing orders and execution, emerging businesses will resume their growth trend in the Q4 quarter. The gross profit margin of emerging businesses in the first three quarters of 2024 was 19.97%, down 12.99 percentage points from the previous year. It is mainly affected by factors such as the continued slump in the domestic market and the fact that some businesses are still climbing in production capacity. As project delivery continues to increase, especially the increase in overseas projects, this problem will gradually be mitigated.
Continuously upgrade and optimize the management and operation system, and comprehensively accelerate the global layout. The company's first R&D and pilot site, Sandwich Site in Europe, has been put into operation and has begun accepting orders. The company has obtained mid- to late-stage peptide clinical projects from several multinational pharmaceutical companies and signed commercial orders for GLP-1 peptides with important domestic customers. As of the third quarter of 2024, the company reported that the solid phase synthesis production capacity of peptides exceeded 20,000 L to meet the commercial production needs of domestic and foreign customers.
Profit forecasts and investment ratings estimate that in 2024-2026, the company's revenue will be 5.9, 7, 8.3 billion yuan, and net profit due to mother will be 1, 1.3, and 1.5 billion yuan, corresponding PE of 30, 24, and 20x, maintaining a “buy” rating.
Risk warning 1. Exchange rate risk; 2. Policy change risk; 3. Clinical project operation risk; 4. Industry policy change risk; 5. Risk of loss of core personnel.