JUMPCAN(600566) 中泰证券·2024-10-28 07:00Investment Rating - Buy (Maintained) [1] Core Views - Performance meets expectations with continuous optimization of period expense ratio [1] - Revenue and profit slightly declined under high base, in line with expectations [2] - Sales expense ratio continues to optimize, net profit margin steadily increases [2] - BD progresses orderly, product matrix continues to enrich [3] - Core product competition remains stable, market share leads, laying a solid foundation for steady performance growth [3] Financial Performance Summary Revenue and Profit - 2024 Q3 revenue: RMB 1,771 million, down 7.18% YoY [2] - 2024 Q3 net profit attributable to parent company: RMB 565 million, down 6.58% YoY [2] - 2024 Q3 non-GAAP net profit: RMB 519 million, down 10.69% YoY [2] - 2024 Q1-Q3 revenue: RMB 5,805 million, down 11.19% YoY [2] - 2024 Q1-Q3 net profit attributable to parent company: RMB 1,903 million, down 2.13% YoY [2] - 2024 Q1-Q3 non-GAAP net profit: RMB 1,699 million, down 7.06% YoY [2] Profitability - 2024 Q1-Q3 gross margin: 79.26%, down 2.44pp YoY [2] - 2024 Q1-Q3 net profit margin: 32.78%, up 3.04pp YoY [2] - 2024 Q1-Q3 sales/management/financial expense ratios: 37.73%/10.30%/-3.54%, down 3.86pp, up 0.92pp, down 0.93pp YoY respectively [2] Forecast - 2024-2026 revenue forecast: RMB 9,183 million, RMB 10,004 million, RMB 10,772 million, with YoY growth of -5%, 9%, 8% respectively [3] - 2024-2026 net profit attributable to parent company forecast: RMB 2,709 million, RMB 3,030 million, RMB 3,270 million, with YoY growth of -4%, 12%, 8% respectively [3] Product Development - Strategic cooperation with Suzhou Yusen signed in July 2024 for innovative traditional Chinese medicine development in pediatric, respiratory, gynecological, and digestive fields [3] - 1 project entered clinical phase III, 2 projects entered pre-BE or BE stage by mid-year [3] - 4 new Chinese patent applications and 1 PCT international patent application submitted [3] - 1 Chinese patent and 1 European patent authorized [3] Financial Ratios - 2024E P/E: 10.4x [1] - 2024E P/B: 1.8x [1] - 2024E ROE: 17% [1] - 2024E EPS: RMB 2.94 [1] Market Data - Total shares: 921.70 million [2] - Market price: RMB 30.53 [2] - Market capitalization: RMB 28,139.63 million [2]