凯因科技：三季度业绩稳步增长，研发工作持续推进

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 1.011 billion RMB in the first three quarters of 2024, representing a year-on-year increase of 1%. The net profit attributable to shareholders reached 108 million RMB, up 20% year-on-year [1] - The company is focusing on enhancing its core competitiveness and market position through strategic implementation and resource investment in hepatitis C awareness and treatment initiatives [1] - Research and development efforts are being increased, with several projects in clinical stages, including new indications for existing products and new treatments for various conditions [1] Summary by Sections Performance Overview - In Q3 2024, the company reported a revenue of 414 million RMB, a decrease of 5% year-on-year, while the net profit attributable to shareholders was 66 million RMB, an increase of 27% year-on-year [1] - The sales expense ratio for the first three quarters of 2024 was 48.76%, a decrease of 9.08 percentage points year-on-year, indicating improved cost management [1] Financial Forecast - The company is expected to achieve net profits of 144 million RMB (+23%), 190 million RMB (+32%), and 246 million RMB (+29%) for the years 2024 to 2026, respectively [2] - The projected EPS for 2024, 2025, and 2026 is 0.84 RMB, 1.11 RMB, and 1.44 RMB, with corresponding PE ratios of 34, 26, and 20 times [2]