Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 20.00, compared to the last closing price of 18.63 [1]. Core Views - The company's Q3 revenue and performance align with market expectations, with a significant scale-up in production capacity [1][2]. - In Q3 2024, the company achieved revenue of 132 million yuan, representing a year-on-year increase of 12.24% and a quarter-on-quarter increase of 17.86% [1]. - The report highlights that the profit margin is under pressure due to rising upstream costs and increased operating expenses, with a gross margin of 8.62%, down 16.06 percentage points year-on-year [1][2]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 365 million yuan, a year-on-year decrease of 5.10%, and a net profit attributable to shareholders of -14 million yuan, a year-on-year decline of 162.16% [1]. - The company forecasts revenues of 570 million yuan for 2024, 1.034 billion yuan for 2025, and 1.427 billion yuan for 2026, with corresponding net profits of -27 million yuan, 54 million yuan, and 88 million yuan respectively [2][3]. - The report indicates a significant increase in fixed assets, totaling 858 million yuan as of September 2024, up 340 million yuan from June 2024 [1]. Production Capacity and Future Prospects - The company is set to launch several new products and has plans to submit global registration for 13 raw material products starting in the second half of 2024, with expected sales in 2025 [1]. - The report notes that the company has expanded its production lines significantly, with total construction projects amounting to 856 million yuan, indicating a fourfold increase compared to the end of 2023 [1][2].
共同药业：Q3收入与业绩符合市场预期，产能陆续大规模投放