SUNHERE(300452) 国泰君安·2024-10-27 08:23Investment Rating - Maintain "Overweight" rating with a target price of 18.15 CNY [2][5] Core Views - Q3 2024 performance slightly below expectations due to gross margin decline and increased period expenses, but expected to improve gradually [3][5] - New product launches and capacity expansion expected to support long-term performance [5] Financial Performance - Q1-Q3 2024 revenue: 644 million CNY (+0.62%), net profit: 122 million CNY (-0.89%) [5] - Q3 2024 revenue: 194 million CNY (+3.74%), net profit: 27 million CNY (-23.6%) [5] - 2024-2026 EPS forecast adjusted to 0.73/0.84/0.94 CNY from 0.80/0.94/1.05 CNY [5] Gross Margin and Expenses - Q3 2024 gross margin: 29.26%, down 1.32 pct YoY and 4.32 pct QoQ [5] - Sales/management expense ratios: 4.28%/4.40%, up 0.99 pct/0.42 pct YoY [5] - Financial expense ratio: 1.85 pct, up 1.22 pct YoY due to convertible bond interest [5] Product Development - New product Polyvinylpyrrolidone K25 registered with CDE in August 2024 [5] - Total of 48 products registered with CDE, 15 products with US DMF filing, 11 products with EU EXCIPACT certification, and 2 CEP certificates [5] Financial Forecasts - 2024E revenue: 854 million CNY (+1.8%), net profit: 172 million CNY (+6.5%) [6] - 2025E revenue: 954 million CNY (+11.7%), net profit: 196 million CNY (+14.2%) [6] - 2026E revenue: 1,067 million CNY (+11.8%), net profit: 219 million CNY (+11.8%) [6] Valuation Metrics - 2024E PE: 17.03x, 2025E PE: 14.92x, 2026E PE: 13.35x [6] - 2024E PB: 2.98x, 2025E PB: 2.62x, 2026E PB: 2.29x [6] Industry Comparison - Average PE of comparable companies: 19x for 2024E [11]