Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [4][7]. Core Views - The company's Q3 2024 performance met expectations, with a revenue of 253 million yuan, down 15.7% year-on-year, and a net profit of 38.16 million yuan, down 23.7% year-on-year [4][5]. - The domestic demand for injection solutions is under pressure, but overseas revenue remains stable, helping to mitigate the decline in profits [5][6]. - There is a noted improvement in domestic demand in September, with both revenue and profit showing signs of stabilization [6]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 81.96 million yuan, a year-on-year decrease of 15.2% but a quarter-on-quarter increase of 4.1% [4][6]. - The gross margin for Q3 2024 was 30.1%, reflecting a quarter-on-quarter improvement of 1.7 percentage points [6]. - The net profit for Q3 2024 was 10.49 million yuan, down 53.1% year-on-year and down 19.4% quarter-on-quarter [4][6]. Market Outlook - The company aims to enhance production capacity with a new facility expected to be operational by March 2025, adding 2,224 tons of amino acid capacity [6][7]. - Short-term improvements are anticipated in domestic injection solutions and overseas culture media demand, while long-term prospects are bolstered by the company's unique position in the domestic medical-grade amino acid market [6][7]. Earnings Forecast - The company is projected to achieve net profits of 42 million yuan, 50 million yuan, and 71 million yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 38, 31, and 22 times [7][8].
无锡晶海：24Q3业绩符合预期，内需改善下环比现企稳态势