SNSW(688117) KAIYUAN SECURITIES·2024-10-31 08:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced rapid growth in Q3, with significant orders expected to drive long-term development [4] - The three core business segments are performing steadily, with multiple peptide raw material products receiving domestic and international registrations [4] - A large order worth approximately 350 million yuan for GLP-1 peptide raw materials is anticipated to boost the raw material drug business [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 338 million yuan, a year-on-year increase of 16.00%, and a net profit attributable to shareholders of 56.95 million yuan, up 63.66% year-on-year [4] - In Q3 alone, revenue reached 139 million yuan, reflecting an 18.32% year-on-year growth and a 46.39% quarter-on-quarter increase [4] - The net profit for Q3 was 35.16 million yuan, marking a 140.02% year-on-year increase and a 561.46% quarter-on-quarter increase [4] Business Segment Performance - The formulation business generated revenue of 94.56 million yuan in H1 2024, a year-on-year increase of 48.27% [5] - The raw material drug business achieved revenue of 56.83 million yuan in H1 2024, a year-on-year increase of 11.16% [5] - The company has registered 10 peptide formulation products and successfully included two products in the eighth batch of centralized procurement [5] Future Projections - The company maintains its profit forecast, expecting net profits attributable to shareholders to reach 106 million yuan, 139 million yuan, and 186 million yuan for 2024, 2025, and 2026 respectively [4] - The expected earnings per share (EPS) for the same years are projected to be 0.95 yuan, 1.24 yuan, and 1.66 yuan [4] - The current stock price corresponds to price-to-earnings (P/E) ratios of 32.6, 24.9, and 18.5 for 2024, 2025, and 2026 respectively [4] Capacity Expansion - The company is advancing its peptide production capacity, with several projects nearing completion and entering the equipment debugging phase [6] - The "Engineering Technology Center Upgrade Project" has been successfully completed, enhancing the company's R&D capabilities [6]