诺思格：公司信息更新报告：前三季度收入稳健增长，受股份支付影响利润端承压

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 562 million yuan in the first three quarters of 2024, representing a year-on-year growth of 7.10%. However, the net profit attributable to shareholders decreased by 32.93% to 84 million yuan, primarily due to the impact of share-based payment expenses. Excluding this impact, the adjusted net profit was 120 million yuan, a decline of 4.40% [2][4] - The company is actively promoting an employee stock ownership plan, which aims to enhance the stability of management and core technical personnel, supporting long-term development [3] - The company provides comprehensive clinical trial operation services and specialized services, with significant growth in the SMO and DM/ST business segments. The SMO segment achieved a revenue of 990 million yuan, growing by 12.24%, while the DM/ST segment grew by 42.14% [4] Financial Summary - For 2024, the company is projected to achieve a revenue of 804 million yuan, with a year-on-year growth of 11.4%. The net profit attributable to shareholders is expected to be 137 million yuan, reflecting a decline of 15.9% [5] - The gross margin is forecasted to be 39.9%, and the net margin is expected to be 17.0% for 2024 [5] - The earnings per share (EPS) for 2024 is estimated at 1.42 yuan, with a price-to-earnings (P/E) ratio of 41.0 times [5]