Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is facing short-term performance pressure, with revenue growth slowing to 0.66% year-on-year in the first three quarters of 2024, and a decline in net profit by 12.22% year-on-year [1] - Despite the short-term challenges, the company is optimizing its cost management, achieving significant reductions in management and R&D expenses [1] - The company is deepening its R&D innovation and expanding its product line, with new drug launches expected to improve performance and profitability in the future [1] - The company has completed its technical transformation and capacity expansion, actively laying out in the traditional Chinese medicine sector [1] - The company is expected to gradually improve its performance driven by core products, continuous R&D investment, and successful new product launches [1] Financial Summary - For the first three quarters of 2024, the company reported revenue of 298 million yuan, a year-on-year increase of 0.66%, and a net profit of 57.21 million yuan, a year-on-year decrease of 12.22% [1] - The projected revenue for 2024-2026 is expected to be 4.39 billion, 4.76 billion, and 5.37 billion yuan, with year-on-year growth rates of 7.65%, 8.44%, and 12.80% respectively [1] - The projected net profit for the same period is expected to be 991.4 million, 1.0152 billion, and 1.1021 billion yuan, with year-on-year growth rates of -3.11%, 2.40%, and 8.56% respectively [1] - The current market capitalization corresponds to a PE ratio of 19.5, 19.0, and 17.5 for 2024-2026 [1] Market Data - The current price of the company's stock is 13.16 yuan, with a total share capital of 146.55 million shares [1] - The highest and lowest prices in the past 12 months were 16.47 yuan and 5.72 yuan respectively [1] - The largest shareholder holds 22.95% of the shares, and the circulating ratio of A shares is 76.31% [1]
梓橦宫：2024年三季度点评：短期业绩承压，新品放量助力盈利预期改善