NKF(603707) 湘财证券·2024-11-08 06:27Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company is experiencing a recovery in its performance, with a notable increase in revenue in the third quarter, achieving a year-on-year growth of 12.79% [4] - The company is entering a new growth cycle driven by high-end biological agents and complex formulations, with several products expected to contribute to revenue in the near future [5] - The financial forecasts for the company indicate a gradual improvement in earnings per share (EPS) from -0.12 yuan in 2024 to 0.91 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 27.64 to 16.34 over the same period [6] Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported revenue of 3.088 billion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to shareholders of 606 million yuan, down 27.82% year-on-year [3] - The third quarter alone saw revenue of 945 million yuan, marking a 12.79% increase year-on-year, while net profit for the quarter was 201 million yuan, a decline of 6.54% year-on-year [3][4] Growth Drivers - The company is strategically focusing on high-end complex formulations and biosimilar products, with the introduction of adalimumab biosimilar contributing to revenue and several products expected to receive FDA approval [5] - The domestic formulation business is expected to stabilize as the impact of centralized procurement diminishes, and the heparin raw material business risks have been alleviated [5] Financial Projections - The company forecasts revenues of 3.931 billion yuan in 2024, with a year-on-year growth of 8.0%, and net profit expected to rebound to 874 million yuan, reflecting a significant recovery from previous losses [9] - The gross margin is projected to be 42.2% in 2024, with a gradual increase to 46.4% by 2026 [9]