Shanghai RAAS(002252)2024-10-29 06:01Investment Rating - The report maintains a "Recommended" rating for the company, with a projected PE ratio of 22/19/17 times for 2024-2026 [2]. Core Insights - The company achieved a revenue of 6.314 billion yuan in Q1-Q3 2024, representing a year-on-year growth of 6%. The net profit attributable to shareholders was 1.838 billion yuan, up 3% year-on-year, with a net profit margin of 29% [2]. - The revenue for Q3 2024 was 2.062 billion yuan, a 1% increase year-on-year but a 6% decrease quarter-on-quarter. The net profit for Q3 was 597 million yuan, reflecting a 9% year-on-year increase and a 23% quarter-on-quarter increase [2]. - The gross margin remained stable at 41%, with a slight year-on-year decline of 1 percentage point, primarily due to changes in sales structure. The net profit margin also saw a year-on-year decline of 1 percentage point [2]. - The company is focusing on R&D innovation and has initiated a de-plasma strategy, with a new monoclonal antibody product, SR604, aimed at treating hemophilia and congenital factor VII deficiency [2]. Financial Summary - The company forecasts net profits of 2.3 billion yuan, 2.6 billion yuan, and 3.0 billion yuan for 2024, 2025, and 2026, respectively. The current stock price corresponds to a PE ratio of 22/19/17 times for these years [2]. - The financial projections indicate a steady increase in revenue, with expected figures of 8.640 billion yuan, 9.587 billion yuan, and 10.627 billion yuan for 2024, 2025, and 2026, respectively [7]. - The report highlights a significant increase in investment income, which rose by 47% year-on-year to 440 million yuan, mainly due to the disposal of trading financial assets [2].