诺思格：2024Q3财报点评：利润承压，多措并举着眼长期

Investment Rating - The report maintains a "Buy" rating for the company [5][4]. Core Views - The company reported a revenue of 562 million yuan for the first three quarters of 2024, representing a year-on-year increase of 7.10%. However, the net profit attributable to shareholders decreased by 32.93% to 84 million yuan [3][4]. - The decline in apparent profit growth is significantly influenced by the amortization expenses related to the 2023 restricted stock incentive plan. Excluding this impact, the net profit for the first three quarters of 2024 would be 120 million yuan, a year-on-year decrease of 4.40%, while the net profit after deducting non-recurring items would be 102 million yuan, reflecting a year-on-year increase of 4.22% [3][4]. - The company has established an industrial fund in collaboration with CICC Capital to support the development of high-quality innovative pharmaceutical companies, which is expected to enhance the company's early engagement with potential clients and projects, leading to more quality orders in the long term [4]. - The industry competition is stabilizing, and domestic policies are expected to restore demand. The State Council's approval of the "Implementation Plan for Supporting the Development of Innovative Drugs" is anticipated to boost the R&D demand from domestic pharmaceutical companies, aiding the recovery of the clinical CRO industry [4]. Financial Summary - For the third quarter of 2024, the company achieved a revenue of 183 million yuan, a year-on-year increase of 12.42%. However, the net profit attributable to shareholders decreased by 35.04% to 26 million yuan [3][4]. - The company forecasts net profits of 133 million yuan, 184 million yuan, and 236 million yuan for the years 2024 to 2026, respectively, corresponding to a price-to-earnings ratio of 48, 35, and 27 times based on the current stock price [4].