公司2024 第三季度销售毛利率46.71%（同比增长0.30 pp），销售净利率10.37%（同比增长0.03 pp），销售、管理、研发、财务费用率分别为17.45%（同比增长0.01 pp）、7.28%（同比下降1.23 pp）、6.17%（同比下降0.11 pp）、2.74%（同比增长1.01 pp）。Key points of investment:
The company's revenue for the third quarter of 2024 was 6.282 billion yuan (up 9.66% year on year), net profit to mother reached 0.479 billion yuan (up 7.57% year on year), and net profit after deducting non-return to mother reached 0.432 billion yuan (up 0.04% year on year).
The company's revenue for the first three quarters of 2024 was 19.143 billion yuan (up 5.70% year on year), net profit due to mother was 1.59 billion yuan (down 10.12% year on year), and net profit not attributable to mother was 1.521 billion yuan (up 1.21% year on year).
The company's gross sales margin for the third quarter of 2024 was 46.71% (up 0.30 pp year on year), net sales margin was 10.37% (up 0.03 pp year on year), sales, management, R&D, and finance expenses were 17.45% (up 0.01 pp year on year), 7.28% (down 1.23 pp year on year), 6.17% (down 0.11 pp year on year), and 2.74% (up 1.01 pp year on year), respectively.
According to the company announcement, according to the provisions of the “Notice Concerning Open Recruitment of Restructuring Investors in the Reorganization Case of Wuhan Contemporary Technology Industry Group Co., Ltd.”, the registration period for Contemporary Technology Restructuring Investors starts on the date the recruitment notice is issued and ends at 17:00 on October 17, 2024. According to the notice from the Contemporary Technology Manager, as of October 22, 2024, a total of 6 restructuring investors have passed the formal review and have completed payment of registration deposits, becoming qualified registered investors and qualified for election as investors; the eligible investors for restructuring include 3 central enterprises and 3 large local state-owned enterprises. Subsequently, qualified investors registered for restructuring will carry out due diligence work and submit restructuring investment plans. Contemporary science and technology managers will set up a selection committee under the guidance and supervision of the Wuhan Intermediate Court to carry out the selection of restructuring investors.
Profit forecasting and investment advice. We expect the company's EPS to be 1.33, 1.37, and 1.51 yuan respectively in 2024-2026, with net profit growth rates of 2.1%, 2.7%, and 10.0% respectively. Referring to comparable company valuations and considering the stability and leading position of the company's narcotics industry, we will give the company 15-19 times PE in 2024, corresponding to a reasonable value range of 20.02-25.36 yuan, and give it a “superior to the market” rating.
Risk warning. The controlling shareholders' restructuring fell short of expectations, and excessive management expenses affected net profit attributable to the mother, etc.
