Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 594 million yuan for the first three quarters of 2024, representing a year-over-year increase of 9.17%, but the net profit attributable to shareholders decreased by 28.39% to 72 million yuan [1]. - The third quarter of 2024 saw a revenue of 199 million yuan, a year-over-year increase of 2.0%, while the net profit attributable to shareholders dropped by 55.5% to 17 million yuan, indicating challenges in the biopharmaceutical industry due to supply-demand imbalances and negative impacts on order pricing [1][2]. - The company is accelerating its information technology upgrades to strengthen core service capabilities, which is expected to help maintain its leading position in the industry [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 594 million yuan, with a year-over-year growth of 9.17%. However, the net profit attributable to shareholders was 72 million yuan, down 28.39% year-over-year [1]. - The gross margin for Q3 2024 was 20.8%, a decrease of 6.52 percentage points from the previous quarter, primarily due to increased personnel costs as the company expanded its workforce [2]. - The company has undertaken over 3,400 SMO projects, with an increase of approximately 200 projects compared to the first half of 2024, indicating a robust project pipeline [2]. Profitability Forecast and Valuation - The company is a leading player in the SMO sector, but due to intensified industry competition and weak demand in biopharmaceutical research, the net profit forecasts for 2024-2026 have been revised downwards to 107 million yuan, 141 million yuan, and 172 million yuan, respectively, reflecting decreases of 34.0%, 27.1%, and 23.6% [2]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 21, 16, and 13 for the years 2024, 2025, and 2026, respectively, suggesting that the valuation is within a reasonable range after significant price corrections [2].
普蕊斯：2024年三季报点评：短期业绩承压，人员持续扩张