Aurisco(605116) 中泰证券·2024-10-28 06:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company has demonstrated steady growth in revenue and profit, with the upcoming launch of Semaglutide expected to drive further growth. The small nucleic acid business is also entering a harvest phase, injecting new growth momentum [1]. - The company's revenue and profit growth in the first three quarters of 2024 is primarily attributed to the continued ramp-up of Dydrogesterone preparations and the recovery in demand for high-margin raw materials [1]. - The report anticipates that the company's performance will continue to maintain a steady growth trend due to the increasing volume of high-margin raw materials and the ongoing production ramp-up of Semaglutide and other peptide raw materials [1]. Financial Summary - Revenue (in million CNY): - 2022A: 1008.08 (25.48% growth) - 2023A: 1262.53 (25.24% growth) - 2024E: 1528.23 (21.04% growth) - 2025E: 1873.56 (22.60% growth) - 2026E: 2287.04 (22.07% growth) [1]. - Net Profit (in million CNY): - 2022A: 210.96 - 2023A: 289.42 - 2024E: 383.24 - 2025E: 500.91 - 2026E: 655.39 [1]. - Earnings Per Share (in CNY): - 2022A: 0.52 - 2023A: 0.71 - 2024E: 0.94 - 2025E: 1.23 - 2026E: 1.61 [1]. - Price-to-Earnings (P/E) Ratio: - 2022A: 48.67 - 2023A: 35.48 - 2024E: 26.79 - 2025E: 20.50 - 2026E: 15.67 [1]. - Price-to-Book (P/B) Ratio: - 2022A: 6.13 - 2023A: 5.22 - 2024E: 4.48 - 2025E: 3.97 - 2026E: 3.46 [1]. Quarterly Performance - The company reported a revenue of 1.088 billion CNY in Q1-Q3 2024, representing a year-on-year growth of 17.97%. The net profit for the same period was 284 million CNY, with a year-on-year increase of 22.04% [1][2]. - The gross margin remained stable, and the increase in revenue led to a decrease in expense ratios, with continuous investment in R&D [1]. Future Outlook - The report suggests that the company is expected to continue its growth trajectory, driven by the ramp-up of Dydrogesterone tablets and a rich pipeline of projects, including the expansion of production capacity for peptides and small nucleic acid drugs [1].