Investment Rating - The investment rating for the company is "Buy" and is maintained [3][8]. Core Views - The company is currently facing temporary difficulties in medical investment and financing, leading to short-term pressure on performance. The revenue for the first three quarters of 2024 reached 590 million yuan, a year-on-year increase of 9.2%, while the net profit attributable to the parent company was 72.26 million yuan, a year-on-year decrease of 28.4% [1][3]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 200 million yuan, a year-on-year increase of 2.0%, with a net profit of 17.34 million yuan, down 55.5% year-on-year. The non-recurring net profit was 14.10 million yuan, a decrease of 61.2% year-on-year [1][3]. - The company signed new contracts worth 430 million yuan in the first half of 2024, a decrease of 31.9% year-on-year, primarily due to structural and cyclical changes in the biopharmaceutical industry [1][3]. Business Development - The company has enhanced its SMO (Site Management Organization) service capabilities, with 2,011 ongoing SMO projects and over 3,400 projects undertaken cumulatively. The number of employees increased from 4,186 at the end of 2023 to 4,692, with nearly 4,500 being professional staff [2][3]. Market Outlook - The biopharmaceutical industry is currently experiencing structural, cyclical, and investment environment changes, leading to temporary impacts on supply and demand. The company expects revenue growth rates of 9.20%, 12.00%, and 12.50% for 2024, 2025, and 2026, respectively, with net profit growth rates of 29.16%, 21.39%, and 20.20% for the same periods [3][4].
普蕊斯：2024年三季度报告点评：医药投融资暂时困难，公司业绩短期承压