MicuRx(688373) Southwest Securities·2024-11-03 06:05Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a record high quarterly revenue of 36.82 million yuan in Q3 2024, contributing to a total revenue of 97.56 million yuan for the first three quarters, representing a year-on-year increase of 42.9% [2] - The gross profit margin for the first three quarters was 82.2%, showing a slight increase of 0.5 percentage points year-on-year, indicating stable profitability [2] - The company has several products in the pipeline reaching significant development milestones, including MRX-5 and MRX-8, which have shown promising clinical results [3] - The earnings per share (EPS) forecast for 2024-2026 is projected to be -0.85 yuan, -0.62 yuan, and -0.51 yuan respectively, reflecting ongoing investment in product development despite current losses [3] Financial Summary - For the first three quarters of 2024, the company reported a net profit attributable to shareholders of -290 million yuan [2] - The company’s total assets are projected to grow from 116.86 billion yuan in 2023 to 171.82 billion yuan in 2024, with a significant increase in cash and cash equivalents [6] - The forecasted revenue growth rates for 2024, 2025, and 2026 are 55%, 50%, and 50% respectively, indicating strong growth potential [4][6] - The company’s total market capitalization is approximately 3.1 billion yuan, with a current share price of 4.77 yuan [1][5]