SNSW(SH:688117) GOLDEN SUN SECURITIES·2024-11-01 01:47Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [2][4]. Core Insights - The company reported a Q3 2024 revenue of 139 million yuan, representing an 18.32% year-over-year increase, and a net profit attributable to shareholders of 34.53 million yuan, up 144.80% year-over-year. For the first three quarters of 2024, revenue reached 338 million yuan, a 16.00% increase, with a net profit of 53.66 million yuan, reflecting a 129.64% year-over-year growth [1]. - Significant cost optimization has led to improved profitability, with Q3 2024 sales expenses reduced by 55.71% to 13.68 million yuan and R&D expenses down 34.03% to 4.75 million yuan compared to the same period last year [1]. - The company is actively pursuing global expansion, having recently invested 30 million yuan for a 22.78% stake in Africa Bio Chem in Tanzania and signed a procurement contract worth up to 350 million yuan [2]. - The production line for peptide raw materials is expected to enter trial production by the end of the year, which could enhance revenue and profit growth in line with the company's global strategy [2]. Financial Projections - Revenue forecasts for 2024-2026 are 592 million yuan, 762 million yuan, and 933 million yuan, with year-over-year growth rates of 36.1%, 28.7%, and 22.4% respectively. Net profit projections for the same period are 119 million yuan, 149 million yuan, and 191 million yuan, with growth rates of 68.5%, 25.9%, and 28.0% respectively [2][3]. - The report provides a projected P/E ratio of 28 times for 2024, 22 times for 2025, and 17 times for 2026, indicating a favorable valuation trend [2][3].