药康生物：营收稳健增长，利润端短期承压

Investment Rating - The investment rating for the company is "Outperform the Market" [4][9] Core Views - The company has achieved a steady revenue growth of 5.10 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 12.1%. However, the net profit attributable to the parent company has decreased by 16.6% to 98.21 million yuan, primarily due to increased costs associated with expansion and rising sales expenses as the company intensifies its overseas market development [1][6] - The company is currently in an expansion phase, with new production capacities being released domestically and efforts to penetrate overseas markets contributing to stable growth across various business lines [1][6] - The gross profit margin for the first three quarters of 2024 is 63.6%, down 5.5 percentage points year-on-year, while the net profit margin is 19.3%, down 6.6 percentage points year-on-year [2][6] Summary by Relevant Sections Revenue and Profitability - For Q1, Q2, and Q3 of 2024, the company reported revenues of 1.57 billion, 1.83 billion, and 1.69 billion yuan respectively, with year-on-year growth rates of 12.0%, 17.8%, and 6.7% [2][6] - The net profit for the same quarters was 29.48 million, 46.86 million, and 21.88 million yuan, with year-on-year changes of -5.1%, +0.7%, and -45.5% respectively [2][6] Cost Structure and Margins - The company’s selling, general, and administrative expenses have increased, with the sales expense ratio at 14.3%, management expense ratio at 19.2%, and R&D expense ratio at 12.4% [2][6] - The overall expense ratio for the period is 44.6%, which is a decrease of 1.3 percentage points year-on-year [2][6] Capacity and Market Expansion - New facilities in Beijing, Shanghai, and Guangdong have been completed and are expected to enhance service capabilities in key regions such as North China and the Greater Bay Area [2][6] - The company has also established its first overseas facility in San Diego, which began operations in Q1 2024, improving responsiveness to overseas clients [2][6] Financial Forecasts - Revenue forecasts for 2024, 2025, and 2026 are adjusted to 7.03 billion, 8.37 billion, and 9.83 billion yuan respectively, with net profit forecasts of 1.40 billion, 1.76 billion, and 2.16 billion yuan [9][10] - The current price-to-earnings (PE) ratios are projected at 40x, 32x, and 26x for the respective years [9][10]