JUMPCAN(600566) 国泰君安·2024-11-03 21:07Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company's Q3 performance was impacted by the centralized procurement of Rabeprazole, but there was a slight improvement in performance due to strong results from other products. The gross margin was affected by multiple factors, while the sales expense ratio continued to optimize, keeping the net profit margin stable [1][9]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 5.805 billion yuan, a decrease of 11.19% year-on-year, and a net profit of 1.903 billion yuan, down 2.13% year-on-year. Q3 revenue was 1.771 billion yuan, down 7.18% year-on-year but up 8.51% quarter-on-quarter. The net profit for Q3 was 565 million yuan, up 6.58% year-on-year and 14.50% quarter-on-quarter [9][10]. Cost Management - The gross margin for Q3 2024 was 78.53%, down 3.3 percentage points year-on-year. The net profit margin was 31.97%, up 0.26 percentage points year-on-year, primarily due to the continuous optimization of the sales expense ratio, which was 32.77%, down 4.84 percentage points year-on-year [9][10]. Future Outlook - The company is expected to face continued pressure in Q4 2024 due to the impact of centralized procurement and high base effects from core products. However, it is anticipated that the company will gradually recover and achieve stable growth in 2025. The self-research and business development (BD) projects are progressing steadily and are expected to contribute to future performance growth [9][10]. Valuation - The target price is maintained at 39.39 yuan, corresponding to a PE ratio of 12 times for 2025. The EPS forecasts for 2024, 2025, and 2026 have been adjusted to 2.92, 3.30, and 3.69 yuan, respectively [9][10].