阿拉丁：公司信息更新报告：公司营收稳健增长，盈利能力同比提升

Investment Rating - Buy (maintained) [1] Core Views - The company's revenue and profitability have shown steady growth, with significant contributions from increased product sales and the consolidation of Yanye Biotech [4] - The company's "R&D, production, and sales" integrated model highlights its core competitiveness, supporting the maintained "Buy" rating [4] - The company's cost reduction and efficiency improvement measures have led to a notable increase in gross and net profit margins [5] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 378 million yuan, a year-on-year increase of 33.54%, and net profit attributable to the parent company of 73 million yuan, up 32.70% [4] - In Q3 2024, revenue reached 139 million yuan, a year-on-year increase of 42.96%, while net profit attributable to the parent company was 25 million yuan, up 6.42% [4] - Gross profit margin for the first three quarters of 2024 was 63.08%, an increase of 3.51 percentage points year-on-year, and the net profit margin was 22.34%, up 3.00 percentage points [5] Operational Highlights - Yanye Biotech, a subsidiary, was consolidated starting from Q2 2024, contributing 31.68 million yuan to revenue and 5.94 million yuan to net profit in H1 2024 [6] - The company continues to expand its product line through independent R&D and strengthen its channel development, which is expected to open up further growth opportunities [4] Financial Forecasts - Revenue is projected to grow to 453 million yuan in 2024, 544 million yuan in 2025, and 662 million yuan in 2026, with year-on-year growth rates of 12.6%, 19.9%, and 21.8% respectively [7] - Net profit attributable to the parent company is expected to reach 111 million yuan in 2024, 137 million yuan in 2025, and 165 million yuan in 2026, with year-on-year growth rates of 29.3%, 23.1%, and 20.5% respectively [7] - EPS is forecasted to be 0.40 yuan in 2024, 0.49 yuan in 2025, and 0.59 yuan in 2026, with corresponding P/E ratios of 34.0x, 27.6x, and 22.9x [7] Valuation Metrics - The current stock price is 13.60 yuan, with a total market capitalization of 3.77 billion yuan and a P/E ratio of 34.0x for 2024 [2][7] - The stock's price range over the past year has been between 8.61 yuan and 22.07 yuan [2]