JUMPCAN(SH:600566) KAIYUAN SECURITIES·2024-10-28 15:13Investment Rating - The investment rating for the company is "Buy" (maintained) as of October 28, 2024 [2]. Core Views - The company's Q3 2024 operating performance has improved sequentially, with ongoing optimization in sales management [1]. - The revenue for Q1-Q3 2024 reached 5.805 billion, a year-on-year decrease of 11.19%, while the net profit attributable to the parent company was 1.699 billion, down 7.06% year-on-year [1][2]. - The gross profit margin for Q1-Q3 2024 was 79.26%, with a sales expense ratio of 37.73%, a management expense ratio of 5.19%, and a research and development expense ratio of 5.11% [1]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 2.614 billion, 3.046 billion, and 3.448 billion respectively, with corresponding EPS of 2.84, 3.30, and 3.74 [1][2]. - The current stock price corresponds to a P/E ratio of 11.2, 9.6, and 8.5 for the years 2024, 2025, and 2026 respectively, indicating a favorable outlook for the company's core business segments [1]. Summary by Sections Financial Performance - The company achieved a revenue of 5.805 billion in Q3 2024, with a net profit of 1.699 billion, reflecting a year-on-year decline of 11.19% and 7.06% respectively [1][2]. - The gross profit margin for the first three quarters of 2024 was 79.26%, with a net profit margin of 31.0% projected for 2024 [5]. Product Development and Sales - The sales of the company's heat-clearing and detoxifying products reached approximately 3.38 billion in 2023, accounting for about 35% of total revenue, with the core product being the Pudilan Oral Liquid [3]. - The Pudilan Oral Liquid transitioned to a dual-cross (Class 1) qualification on September 27, 2024, which is expected to enhance sales growth in retail channels [3]. - The company has established a robust marketing management system and is expanding its professional business team to optimize sales management [4]. Future Outlook - The company anticipates potential growth from its core business segments, including heat-clearing and detoxifying products, as well as the introduction of BD products [1]. - The adjusted profit forecasts for 2024-2026 indicate a cautious but optimistic growth trajectory, with expected net profits increasing year-on-year [5].