Sun-Novo(SH:688621) KAIYUAN SECURITIES·2024-10-30 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid revenue growth in Q3, with a year-on-year increase of 53.20%, and a total revenue of 9.17 billion yuan for the first three quarters, representing a 32.47% increase year-on-year [4] - The company maintains a positive long-term growth outlook, with profit forecasts for 2024-2026 expected to be 274 million, 363 million, and 472 million yuan respectively, and corresponding EPS of 2.45, 3.24, and 4.22 yuan [4] - The company has a strong pipeline in drug research, with 117 new self-research projects initiated and 8 new drug projects approved for clinical trials as of mid-2024 [5] - The clinical trial and bioanalysis services have also seen significant growth, with a revenue increase of 50.28% year-on-year in H1 2024 [6] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.54 billion yuan, with a net profit of 590 million yuan, reflecting a year-on-year growth of 11.37% [4] - The company's revenue for 2024 is projected to reach 1.198 billion yuan, with a year-on-year growth rate of 28.5% [7] - The gross profit margin is expected to be 53.8% in 2024, with a net profit margin of 22.9% [7] - The company's return on equity (ROE) is projected to be 21.1% in 2024, indicating strong profitability [7] Business Development - The pharmaceutical research business has shown steady growth, with a revenue of 343 million yuan in H1 2024, up 8.29% year-on-year [5] - The company has established four professional platforms for clinical trials and has partnered with over 260 hospitals for long-term clinical cooperation [6] - The company is focusing on the development of peptide and small nucleic acid drugs, with ongoing clinical trials for new drug projects [5]