Yili Chuanning Biotechnology (301301) Minsheng Securities·2024-10-22 05:07Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company achieved a revenue of 4.46 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 24.4%, and a net profit of 1.08 billion yuan, up 68.1% year-on-year [1]. - The company's gross margin improved to 35.8% in the first three quarters of 2024, an increase of 5.9 percentage points year-on-year, with a single-quarter gross margin of 37.1% in Q3 2024, up 4.0 percentage points year-on-year [1]. - The demand for the company's main products continues to rise, with significant sales growth in antibiotic products due to increasing respiratory diseases and an aging population in China [1]. - The synthetic biology business is progressing as planned, with expectations for a significant ramp-up in production capacity in 2025 [1]. - Revenue forecasts for 2024-2026 are projected at 5.81 billion, 6.55 billion, and 7.02 billion yuan, with corresponding net profits of 1.40 billion, 1.64 billion, and 1.82 billion yuan, indicating growth rates of 20.5%, 12.6%, and 7.3% respectively [1]. Financial Summary - For Q3 2024, the company reported a revenue of 1.26 billion yuan, a year-on-year increase of 8.3%, and a net profit of 310 million yuan, up 24.2% year-on-year [1]. - The average prices for key products in Q3 2024 were 556.7 yuan/kg for Sulfadiazine, 350.0 yuan/kg for 6-APA, and 490.0 yuan/kg for 7-ACA, showing slight increases from the previous quarter [1]. - The company is expected to achieve a PE ratio of 23, 20, and 18 for the years 2024, 2025, and 2026 respectively [2].