CONBA(600572)2024-11-01 05:30Investment Rating - The report maintains a "Buy" rating for the company [2][4][11] Core Views - The company reported a revenue of 4.913 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.23%, and a net profit attributable to shareholders of 518 million yuan, down 16.81% year-on-year [2] - In Q3 2024, the company achieved a revenue of 1.465 billion yuan, representing a year-on-year growth of 3.16%, and a net profit of 136 million yuan, up 27.22% year-on-year, indicating a recovery in performance [2] - The decline in revenue for the first three quarters is attributed to high base effects from the previous year, particularly in gastrointestinal and respiratory medications, while increased R&D investment has also impacted profits [2] - The company is experiencing short-term pressure on traditional Chinese medicine revenues, but specialty chemical drugs and health consumer products are showing stable growth [2] - R&D expenses for the first three quarters of 2024 were 208 million yuan, reflecting a proactive approach in drug development, which is expected to drive long-term growth [2] Financial Summary - The company forecasts revenues of 7.244 billion yuan, 7.994 billion yuan, and 8.731 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 730 million yuan, 841 million yuan, and 958 million yuan for the same years [2][3] - The expected EPS for 2024, 2025, and 2026 is 0.28 yuan, 0.33 yuan, and 0.37 yuan respectively, with corresponding P/E ratios of 17x, 15x, and 13x [2][3] - The company’s revenue growth is projected to be 7.59%, 10.37%, and 9.21% for 2024, 2025, and 2026 respectively, while net profit growth is expected to be 23.44%, 15.19%, and 13.95% for the same years [3][10]