Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 594 million yuan for the first three quarters of 2024, representing a year-on-year growth of 9.17%. However, the net profit attributable to shareholders was 72.26 million yuan, a decline of 28.39% year-on-year, and the net profit after deducting non-recurring gains and losses was 62.50 million yuan, down 27.42% year-on-year [3][4]. - The industry is experiencing structural, cyclical, and investment environment changes, leading to short-term pressures on profits. The company is focusing on core business development and accelerating information technology upgrades to enhance service capabilities [3][4]. - The company serves numerous well-known domestic and international pharmaceutical companies, covering a wide range of fields. It has provided services to over 940 clinical trial institutions and has undertaken more than 3,400 SMO projects [4]. - The company is continuously optimizing its business systems through information technology, which enhances project execution efficiency. It has reduced the time required to develop clinical trial execution strategies from several months to about one week [4]. Financial Summary - The company is expected to achieve net profits of 101 million yuan, 132 million yuan, and 159 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to a price-to-earnings ratio of 23, 18, and 15 times based on the current market value [5]. - The total revenue for 2024 is projected to be 834 million yuan, with a gross profit of 206 million yuan, resulting in a gross margin of 25% [9].
普蕊斯：2024Q3财报点评：短期利润承压，行业竞争企稳