单三季度公司保持两位数稳健收入成长速度，利润端仍有小幅下行。2024 年单三季度，公司实现营业收入5.27 亿元，同比增长11.88%，单季度毛利率为82.1%，同比提升0.5个百分点，单季度销售费用率为36.3%，由于公司加大电商直营渠道投入，流通结构发生变化，带来单季度销售费用率上升7.7 个百分点，管理费用率在规模效应下有0.9 个百分点的下降，研发费用率持续提升2 个百分点至3%，研发投入进一步加大，单季度归母净利润为32.9%，同比收窄5.9 个百分点，使得在收入端两位数增长的情况下，单季度归母净利润仍有所下滑。Description of the event
In the third quarter of 2024, the company achieved revenue of 0.527 billion yuan, a year-on-year increase of 11.88%, and realized net profit to mother of 0.173 billion yuan, a year-on-year decrease of 5.16%.
Incident comments
The company maintained a steady double-digit revenue growth rate in the third quarter, and the profit side still declined slightly. In the third quarter of 2024, the company achieved revenue of 0.527 billion yuan, a year-on-year increase of 11.88%, a year-on-year increase of 0.5 percentage points, and a year-on-year sales expense ratio of 36.3%. As the company increased investment in e-commerce direct channels and changes in the distribution structure, the sales expenses rate increased 7.7 percentage points in the single quarter, and the management expense ratio declined by 0.9 percentage points due to scale effects. The R&D expenditure rate continued to increase by 2 percentage points to 3%, and R&D investment further increased, and the single quarter went net. Profit was 32.9%, a year-on-year narrowing of 5.9 percentage points. As a result, despite double-digit revenue growth, net profit to mother still declined in a single quarter.
The company has achieved phased results in recombinant type III humanized collagen freeze-dried fiber implantable products, which are expected to enrich the company's subsequent medical and aesthetic product line. The company recently disclosed that the product “recombinant type III humanized collagen freeze-dried fiber” has passed the ethical review by the Clinical Trial Ethics Committee of the Plastic Surgery Hospital of the Chinese Academy of Medical Sciences and completed the medical device clinical trial filing by the Heilongjiang Drug Administration. The company's developing product “recombinant type III humanized collagen freeze-dried fiber” can already carry out clinical trials. The clinical use is to improve skin condition through the moisturizing and hydrating effects of recombinant type III humanized collagen contained in it. “Recombinant type III humanized collagen freeze-dried fiber” is the company's first shallow fiber Injection filler products, this time The product has obtained a clinical trial registration, which indicates that the company can begin clinical trials of this product, which is of great significance for the company to explore the medical and aesthetic clinic market and enrich the product line.
Investment suggestions: On the product side, the company already has several single products with annual sales of over 100 million yuan, namely medical sodium hyaluronate repair patch (white film), medical sodium hyaluronate repair patch (black film), Shierjia Acne Cleansing Patch, Shierjia Centella Asiatica Soothing Repair Patch, Shierjia Nicotinamide Whitening and Blemish Repair Mask, and enriches product formulations and forms based on this; on the channel side, the company's brand power has spilled over to e-commerce since this year, achieving high growth in online channels; on the R&D side, the company established a R&D center in Shanghai Research on new raw materials and new technologies has been strengthened through industry-university-research cooperation, and a research model has been formed innovation and growth. The above measures are expected to jointly promote the continued steady expansion of the company's business scale. In the future, it is expected that with the formation of core product repurchases and the gradual settlement of e-commerce channel methodologies, profitability will stabilize. The company's 2024-2026 EPS is expected to be 1.81, 2.08, and 2.30 yuan, respectively, maintaining the “gain” rating.
Risk warning
1. Industry competition increases risk;
2. The risk of changes in industry regulatory policies.
