Aurisco(605116) 国泰君安·2024-11-03 20:38Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company shows improved profitability, with a revenue of 1.088 billion yuan for Q1-Q3 2024, representing a year-on-year growth of 17.97%. The net profit attributable to the parent company reached 284 million yuan, up 22.04% year-on-year. However, Q3 revenue saw a decline of 3.30% year-on-year, and net profit dropped by 30.33% due to high base effects from the previous year and financial costs [3][4]. - The gross margin for Q1-Q3 2024 was 58.22%, an increase of 2.58 percentage points year-on-year, with Q3 gross margin at 60.68%, reflecting continuous improvement driven by high-margin product sales [3]. - The company is focusing on enhancing its specialty raw materials and formulation business, with significant progress in its peptide and oligonucleotide platform capabilities. The company is also expanding its international marketing system [3][4]. Financial Summary - For 2024E, the company forecasts revenue of 1.566 billion yuan, with a year-on-year growth of 24.1%. The net profit is projected to be 393 million yuan, reflecting a growth of 35.9% [8][9]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are 0.97 yuan, 1.25 yuan, and 1.56 yuan, respectively [3][9]. - The target price is set at 29.10 yuan, based on a price-to-earnings (PE) ratio of 23 times for 2025 [3][4]. Market Data - The current stock price is 21.86 yuan, with a market capitalization of 8.879 billion yuan. The stock has traded within a range of 18.40 to 26.77 yuan over the past 52 weeks [5][6]. - The company has a net asset value per share of 5.58 yuan, with a price-to-book (P/B) ratio of 3.9 at the current price [6].