NKF(603707) 平安证券·2024-10-31 09:32Investment Rating - The report maintains a "Recommendation" rating for the company [2][7]. Core Views - The company has faced pressure on revenue and profit due to high base prices of heparin raw materials, with a reported revenue of 3,088 million yuan for the first three quarters of 2024, reflecting a decrease of 1.72% year-on-year, and a net profit of 606 million yuan, down 27.82% year-on-year [5][6]. - The report anticipates a new price recovery cycle for heparin by the end of 2024, as the pressure from raw material prices is expected to ease [5][6]. - The company is positioned as a high-quality overseas injectable drug commercialization platform, with a significant number of ANDA approvals and FDA-approved production lines, indicating strong potential for profitability in overseas markets [6][7]. Financial Summary - Revenue projections for 2024-2026 are set at 43.44 billion yuan, 53.22 billion yuan, and 66.24 billion yuan respectively, with net profit expectations of 8.67 billion yuan, 11.53 billion yuan, and 15.07 billion yuan [7]. - The company’s gross margin is expected to improve from 44.07% in Q3 2024, indicating a recovery in profitability [5]. - The report highlights a significant increase in the company's earnings per share (EPS), projected to rise from -0.12 yuan in 2023 to 0.54 yuan in 2024, and further to 0.93 yuan by 2026 [10][11].