Aurisco(605116) 太平洋·2024-10-27 09:01Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.00, compared to the last closing price of 23.68 [1]. Core Views - The company's Q3 revenue and profit showed a slight decline quarter-on-quarter, but overall performance met market expectations. For Q3 2024, the company achieved revenue of 3.58 billion yuan, a decrease of 9.46% quarter-on-quarter, and a net profit of 0.95 billion yuan, an increase of 10.53% quarter-on-quarter [2][4]. - The year-to-date revenue for the first three quarters of 2024 reached 10.88 billion yuan, representing a year-on-year increase of 17.97%, while the net profit attributable to shareholders was 2.84 billion yuan, up 22.04% year-on-year [2][4]. - The decline in revenue and profit is attributed to a decrease in trade sales and an increase in financial expenses due to foreign exchange losses and convertible bond costs [2][4]. - The gross margin for Q3 2024 was 60.68%, down 3.69 percentage points year-on-year, while the net profit margin was 26.62%, down 10.12 percentage points year-on-year [2][4]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 3.58 billion yuan and a net profit of 0.95 billion yuan, with a year-to-date revenue of 10.88 billion yuan and a net profit of 2.84 billion yuan [2][4]. - The company forecasts revenues of 15.38 billion yuan, 18.50 billion yuan, and 22.73 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.91 billion yuan, 5.08 billion yuan, and 6.60 billion yuan for the same years [2][4]. Business Development - The company is actively promoting an integrated model of "active pharmaceutical ingredients + formulations," with the Dydrogesterone tablet expected to accelerate sales growth. The product was approved for sale in June 2023 and has been listed in 30 provinces and cities, with sales revenue of 92.48 million yuan in H1 2024 [2][4]. - The company has submitted registration applications for additional products, expecting to receive approvals for 3-5 new products annually starting in 2026 [2][4]. Valuation Metrics - The report provides projected earnings per share (EPS) of 0.96 yuan, 1.25 yuan, and 1.63 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 25, 19, and 15 [2][4].