GemPharmatech (688046) 国元证券·2024-11-07 06:15Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company reported a revenue of 510 million yuan for the first three quarters of 2024, representing a year-on-year increase of 12.1%. However, the net profit attributable to shareholders decreased by 16.6% to 98.21 million yuan, primarily due to increased costs associated with expansion and reduced government subsidies [2]. - The company is actively advancing multiple R&D projects, including the "Wild Mouse Project" and "Drug Screening Mouse Project," with a significant focus on expanding its overseas market, which generated revenue of 62.14 million yuan, a year-on-year increase of 44.9% [3]. - The projected net profit growth rates for 2024-2026 are -4.51%, 23.68%, and 15.47%, respectively, with corresponding EPS of 0.37, 0.46, and 0.53 yuan per share [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 170 million yuan, a 6.7% increase year-on-year, but the net profit dropped by 45.5% to 21.87 million yuan [2]. - The company’s revenue for 2024 is projected to be 693.34 million yuan, with a year-on-year growth of 11.44% [5]. R&D and Market Expansion - The company has launched 25 wild mouse strains and has over 100 strains in the R&D pipeline, with expectations to complete the initial screening of 80-100 strains by 2024 [3]. - The overseas market is becoming increasingly significant, contributing 18.26% to total revenue [3]. Profitability Forecast - The expected EPS for 2024 is 0.37 yuan, with a PE ratio of 37.23 [4]. - The company’s net profit is forecasted to decline in 2024 but is expected to recover in the following years, with growth rates of 23.68% and 15.47% in 2025 and 2026, respectively [4].