药石科技：公司信息更新报告：公司在手订单增速稳健，营收环比恢复增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a steady growth in order backlog, with revenue recovering on a quarter-on-quarter basis [4] - Despite a year-on-year decline in revenue and net profit, the company maintains its profit forecast for 2024-2026 [4] - The company is actively expanding its overseas market presence, with new orders continuing to trend positively [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.128 billion yuan, a year-on-year decrease of 12.67%, and a net profit of 132 million yuan, down 14.45% [4] - In Q3 2024, the company reported revenue of 383 million yuan, a year-on-year decline of 14.39% but a quarter-on-quarter increase of 4.25% [4] - The company expects net profits for 2024-2026 to be 200 million, 238 million, and 280 million yuan respectively, with corresponding EPS of 1.00, 1.19, and 1.40 yuan [4] Order and Market Expansion - The company’s domestic revenue for the first three quarters of 2024 was 326 million yuan, down 22.67%, while international revenue was 802 million yuan, down 7.85% [5] - The order backlog increased by over 20% year-on-year in the first half of 2024, with new orders continuing to show positive trends in Q3 [5] - The company has established a subsidiary in Switzerland and integrated procurement systems with two of the top 10 global pharmaceutical companies, leading to a significant increase in order volume [5] CDMO Business Development - The revenue from drug research services for the first three quarters of 2024 was 253 million yuan, a decrease of 0.97%, while revenue from drug development and commercialization services was 874 million yuan, down 15.58% [6] - The company has expanded its project pipeline, with 1,200 projects in preclinical to Phase II and 35 projects in Phase III to commercialization as of H1 2024 [6] - Revenue from multinational corporations (MNCs) reached 216 million yuan in H1 2024, a year-on-year increase of 45.84%, accounting for 29.03% of total revenue [6]