Chipscreen(688321) 太平洋·2024-11-04 02:18Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [12][13]. Core Insights - The company's core products are experiencing rapid growth, particularly the sales of Westgliptin, which saw a year-on-year sales increase of 322.98% and revenue growth of 414.65% in the first three quarters of 2024 [4]. - The company reported a total revenue of 481 million yuan for the first three quarters of 2024, representing a year-on-year increase of 38.02% [3]. - The company has received positive data from the Phase II study of Westgliptin, which showed significant improvements in liver fat and fibrosis indicators [5]. Financial Performance - In Q3 2024, the company achieved a revenue of 179 million yuan, a year-on-year increase of 67.27%, while the net profit attributable to shareholders was a loss of 10 million yuan, a reduction in loss of 78.83% compared to the previous year [3]. - The gross profit margin for the first three quarters of 2024 was 87.58%, with a decrease of 2.41 percentage points year-on-year [6]. - The company’s operating expenses have decreased, with the sales expense ratio dropping by 9.64 percentage points to 49.23% [6]. Product Development - The company’s core product, Westgliptin, has been approved for new indications, which is expected to contribute to revenue growth [4]. - The company is expanding its product portfolio with new indications for Westgliptin, which is anticipated to enhance its market presence [4]. Future Projections - Revenue projections for the company are estimated to be 687 million yuan in 2024, with a growth rate of 31.16% [9]. - The net profit is expected to improve significantly by 2026, with a projected profit of 36 million yuan [9].