Kawin Technology(688687) 首创证券·2024-10-25 01:40Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has shown an improvement in profitability, with a revenue of 1.01 billion yuan in the first three quarters of 2024, reflecting a year-on-year increase of 0.82%. The net profit attributable to shareholders reached 108 million yuan, up 19.74% year-on-year [2][4] - Revenue showed a quarter-on-quarter improvement, with Q3 revenue at 414 million yuan, a decrease of 4.51% year-on-year but an increase of 7.85% quarter-on-quarter. This improvement is attributed to the execution of procurement policies in over 90% of provinces for a key product and the contribution from a newly approved drug [2][4] - The company is advancing its innovative drug development, with a new indication for a key product recently accepted for review by the National Medical Products Administration, indicating significant market potential [2][4] Financial Summary - For 2024 to 2026, the company is projected to achieve revenues of 1.566 billion yuan, 1.858 billion yuan, and 2.245 billion yuan, with year-on-year growth rates of 10.9%, 18.7%, and 20.8% respectively. The net profit attributable to shareholders is expected to be 143 million yuan, 185 million yuan, and 244 million yuan, with growth rates of 22.7%, 29.4%, and 31.6% respectively [2][4] - The company's earnings per share (EPS) is projected to increase from 0.84 yuan in 2024 to 1.42 yuan in 2026, reflecting a positive growth trajectory [4][5]