天宇股份2024年三季报点评：盈利能力短期承压，一体化布局推进

Investment Rating - The report maintains a "Cautious Accumulate" rating for Tianyu Co., Ltd. [3][4] Core Views - The company's profitability is under short-term pressure, but the integrated layout and CDMO (Contract Development and Manufacturing Organization) business are continuously advancing, with the integrated transformation expected to gradually materialize [2][3]. Financial Performance Summary - For Q1-Q3 2024, revenue reached 1.932 billion yuan, a year-on-year increase of 3.61% - Net profit attributable to the parent company was 85.11 million yuan, up 23.72% year-on-year - Non-recurring net profit was 91.30 million yuan, a year-on-year decrease of 30.67% - Q3 single-quarter revenue was 667 million yuan, a year-on-year increase of 28.59% - Q3 net profit attributable to the parent company was 31.90 million yuan, a year-on-year increase of 4570.27% - Non-recurring net profit for Q3 was 28.53 million yuan, a year-on-year increase of 51.32% - The profit was slightly below expectations mainly due to foreign exchange losses [3][4]. Margin and Cost Analysis - The gross margin for Q1-Q3 2024 was 35.47%, a year-on-year decrease of 4.6 percentage points - Q3 single-quarter gross margin was 35.55%, year-on-year flat but down 5.24 percentage points quarter-on-quarter - The sales expense ratio for Q1-Q3 2024 was 4.65%, up 1.37 percentage points year-on-year - The management expense ratio was 12.08%, up 0.79 percentage points year-on-year - The R&D expense ratio was 9.34%, down 0.37 percentage points year-on-year - The net profit margin for Q1-Q3 2024 was 4.41%, up 0.67 percentage points year-on-year [3][4]. Business Development and Outlook - The integrated development of raw material drugs and CDMO business is being accelerated - In H1 2024, the company developed 8 new original research clients and 13 new project cooperation opportunities - Revenue from non-sartan raw material drug intermediates reached 249 million yuan in H1 2024 - CDMO revenue in H1 2024 was 174 million yuan, down 25% year-on-year, but expected to grow quarter-on-quarter in Q3 2024 as delivery schedules normalize - As of 2023, there were 20 ongoing CDMO projects, with continued collaboration on diabetes and oncology products expected in 2024 - The formulation business received 46 approvals (involving 30 varieties) by H1 2024, with revenue of 97.03 million yuan, a year-on-year increase of 126.82% [3][4].