Chemexpress(688131) 开源证券·2024-11-03 10:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a rapid increase in profit margins and continues to exceed performance expectations [3] - The high-margin front-end business is experiencing strong growth, contributing to the overall performance [4] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.95 billion, 2.75 billion, and 3.54 billion respectively [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 1.619 billion, a year-on-year increase of 17.65% [3] - The net profit attributable to the parent company for the same period was 143 million, up 21.31% year-on-year [3] - The sales gross margin for the first three quarters of 2024 was 47.58%, with a slight year-on-year decline of 0.76 percentage points [4] - The net profit margin for the same period was 8.70%, reflecting a year-on-year increase of 0.22 percentage points [4] Business Growth Drivers - The life sciences reagent business generated revenue of 700 million in the first half of 2024, marking a year-on-year growth of 30.70% [4] - The company has built a comprehensive library of over 126,000 life science reagents, enhancing its product offerings [4] - The company has successfully established an integrated service platform for ADC projects, with over 70 projects currently underway [5] Financial Forecasts - The company forecasts operating revenues of 2.218 billion, 2.693 billion, and 3.252 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 18.0%, 21.5%, and 20.8% [6] - The expected net profit for 2024 is projected at 195 million, with a significant year-on-year increase of 53.2% [6] - The earnings per share (EPS) is anticipated to be 0.93, 1.30, and 1.68 for the years 2024, 2025, and 2026 respectively [6]