NKF(603707) 兴业证券·2024-11-24 01:40Investment Rating - The report assigns an "Accumulate" rating for the company [4]. Core Views - The company reported a revenue of 3.088 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.72%, with a net profit attributable to shareholders of 606 million yuan, down 27.82% year-on-year [4]. - The company is transitioning from a focus on raw materials to high-end formulations, successfully establishing a presence in the international sterile formulations market [4]. - The company has built a complete sales channel and operational experience in the North American market, positioning itself to capitalize on opportunities in the biosimilar drug market [4]. - Earnings per share (EPS) forecasts for 2024-2026 are 0.51, 0.69, and 0.91 yuan, with corresponding price-to-earnings (PE) ratios of 28.62, 21.23, and 16.16 [4]. Financial Performance Summary - For the first three quarters of 2024, the gross margin was 41.41%, down 7.99 percentage points year-on-year, and the net profit margin was 19.62%, down 7.10 percentage points year-on-year [4]. - The company’s revenue for the third quarter alone was 945 million yuan, reflecting a year-on-year increase of 12.79% [4]. - The company’s revenue projections for 2024-2026 are 4.218 billion, 5.230 billion, and 6.602 billion yuan, with year-on-year growth rates of 7.3%, 24.0%, and 26.2% respectively [5]. Market Position and Strategy - The company has successfully reduced the proportion of revenue from heparin raw materials from over 60% in 2019 to 20% in the first half of 2024, indicating a strategic shift towards high-end formulations [4]. - The company has acquired the rights to the FDA approval and related patents for a biosimilar drug, making it the first Chinese company to gain entry into the U.S. market for this specific biosimilar [4].