卫信康：公司简评报告：集采影响逐步消化，业绩迎来拐点

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing a turning point in performance as the impact of centralized procurement is gradually being digested, leading to improved profitability [4][5] - The company's revenue for the first three quarters of 2024 was 994 million yuan, a decrease of 6.30% year-on-year, while net profit attributable to shareholders increased by 15.71% to 243 million yuan [3] - The core product, injectable multivitamins (12), has significant market potential despite a decline in sales revenue due to centralized procurement price reductions [4] - The company has a rich pipeline of second-tier products that are expected to drive continuous growth, including pediatric multivitamin injections which saw a revenue increase of 47.29% in the first half of 2024 [5] - Profitability is on the rise, with the company achieving record high non-recurring profit margins and amounts in recent quarters, indicating a clear performance inflection point [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 994 million yuan, down 6.30% year-on-year, and a net profit of 243 million yuan, up 15.71% [3] - The third quarter alone saw operating revenue of 361 million yuan, an increase of 15.83% [3] Product Analysis - The injectable multivitamins (12) were uniquely selected in the centralized procurement in September 2023, which has led to a temporary decline in sales but is expected to recover due to increased market coverage and reduced costs [4] - Other products, such as trace element injections, are anticipated to recover quickly following successful bids in regional centralized procurement [5] Profitability and Forecast - The company is expected to see revenue growth from 1.377 billion yuan in 2024 to 1.951 billion yuan in 2026, with corresponding net profits increasing from 251 million yuan to 388 million yuan [7] - The projected growth rates for revenue are 4.1% in 2024, 20.7% in 2025, and 17.4% in 2026, with net profit growth rates of 17.4%, 24.9%, and 23.8% respectively [5][7]