博腾股份2024年三季报点评：盈利能力改善，在手订单高增

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's revenue for Q1-Q3 2024 is 2.125 billion, a year-on-year decline of 30.02%, with a net profit attributable to shareholders of -206 million [2]. - In Q3 alone, revenue reached 773 million, showing a year-on-year growth of 10.73% and a quarter-on-quarter increase of 14.65%, with a net profit of -36 million, indicating a reduction in losses [2]. - The report highlights that traditional business has resumed growth, while emerging businesses are gradually ramping up, leading to improved profitability and a significant increase in orders on hand [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, excluding the impact of large orders, revenue grew by 6% year-on-year, and in Q3, it grew by 29% year-on-year when excluding large orders [2]. - The small molecule API CDMO revenue for Q1-Q3 2024 was 1.968 billion, with a growth of approximately 3% after excluding large orders [2]. - New business segments, including small molecule formulation CDMO, generated 101 million in revenue, a year-on-year increase of about 65% [2]. - The gross margin for Q1-Q3 2024 was 23.3%, down 22.7 percentage points year-on-year, primarily due to high-margin large orders delivered in the same period last year and capacity ramp-up effects [2]. Order Growth and Strategic Partnerships - As of Q3 2024, the small molecule API CDMO business has seen orders on hand increase by over 40% year-on-year, ensuring performance growth [2]. - In October 2024, the company entered into a strategic cooperation agreement with CRO Yinos, enhancing resource integration for high-quality, efficient end-to-end services [2]. Valuation and Price Target - The report adjusts the EPS forecast for 2024-2025 to -0.41 and 0.30 (previously 1.01 and 1.22), and introduces a 2026 EPS forecast of 0.80 [2]. - The target price is revised down to 23.70 from 34.75, based on a comparable company PB valuation of 2.37X for 2025 [2].