东诚药业：24Q3单季度收入降幅收窄，创新核药进展顺利

Investment Rating - The investment rating for the company is "Strongly Recommended" [1][4][6] Core Views - The company reported a narrowing decline in revenue for Q3 2024, with a single-quarter revenue of 7.42 billion yuan, down 7.32% year-on-year, and a net profit of 0.55 billion yuan, down 45.74% [2][3] - The company is expected to see a rebound in its heparin raw material business, while its nuclear medicine business remains stable [3][4] - The progress of innovative nuclear drug development is on track, with new clinical approvals for several products [4][6] Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 21.62 billion yuan, a decrease of 16.36% year-on-year, and a net profit of 1.67 billion yuan, down 41.62% [2][3] - The gross margin for the first three quarters was 45.55%, an increase of 1.74 percentage points, while the net margin was 7.01%, a decrease of 6.17 percentage points [3] - The revenue from raw materials was 9.60 billion yuan, down 28.73%, primarily due to a decline in heparin sodium sales prices [3][4] Future Projections - Revenue projections for 2024 are estimated at 29.13 billion yuan, with a year-on-year decline of 11.1%, followed by a recovery in 2025 with a projected increase of 12.5% [5][9] - Net profit is expected to recover to 2.37 billion yuan in 2024, with further growth anticipated in subsequent years [5][9] - The company’s P/E ratio is projected to decrease from 52.5 in 2023 to 27.6 by 2026, indicating improved valuation over time [5][9]