Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth in the first three quarters, with a year-on-year increase of 6.59% to 391 million yuan, but the profit has been under pressure, with a significant decline in net profit by 66.81% year-on-year to 15.24 million yuan [4] - The decline in profit is attributed to the decrease in gross margins in the CDMO and commercialization segments, leading to fluctuations in profit [4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 21 million yuan, 38 million yuan, and 65 million yuan respectively, with corresponding EPS of 0.15, 0.27, and 0.47 yuan [4] Summary by Sections Revenue and Profit Performance - In Q3 2024, the company reported revenue of 126 million yuan, a decrease of 3.02% year-on-year and 6.96% quarter-on-quarter, with a net profit of -730,000 yuan [4] - The overall revenue for the first three quarters was stable, but the profit was significantly impacted by the decline in gross margins from key segments [4] Business Segments - The drug discovery business achieved revenue of 158 million yuan in H1 2024, a year-on-year increase of 14.75% [5] - The service segment saw a rapid increase in new orders, with Q2 new orders reaching 165 million yuan, a quarter-on-quarter growth of 42.42% [5] - The commercialization production segment reported revenue of 79.2 million yuan in H1 2024, a year-on-year increase of 72.31% [6] Financial Forecasts - The company has revised its earnings forecasts downward for 2024-2026, with expected net profits of 21 million yuan, 38 million yuan, and 65 million yuan, and corresponding EPS of 0.15, 0.27, and 0.47 yuan [4] - The projected P/E ratios for the next three years are 169.2, 93.8, and 54.8 times respectively [4] Market Position and Strategy - The company is expected to benefit from the recovery in overseas demand, with new orders showing steady growth [4] - The CADD/AIDD technology platform has supported 69 new drug projects, with ongoing progress in the PR-GPT project expected to enter commercial operation in Q4 2024 [5]
泓博医药：公司信息更新报告：前三季度营收稳健增长，利润端阶段性承压