HitGen(688222) 国信证券·2024-11-05 02:41Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][67][68] Core Views - The company has successfully established four core platforms: DEL, FBDD/SBDD, STO, and TPD, focusing on small molecules and nucleic acid drugs, which enhances its competitiveness in the CRO field [3][67] - The company is expected to gradually recover its performance, with projected revenues of 4.47 billion, 5.56 billion, and 7.10 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 20.3%, 24.5%, and 27.6% [3][67] - The reasonable price range for the company's stock is estimated to be between 13.48 and 14.85 yuan, indicating a potential upside of 3% to 14% from the current price [3][68] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 298 million yuan, a year-on-year increase of 21.4%, and a net profit attributable to shareholders of 30 million yuan, up 64.7% [1][6] - The company’s revenue for the full year of 2023 was 371 million yuan, reflecting a growth of 12.6% compared to the previous year [1][4] Revenue Breakdown - The revenue from the DEL platform was 122 million yuan, an increase of 2.93%, while the FBDD/SBDD platform generated 93 million yuan, up 58.21% [8][11] - The STO platform achieved a revenue of 38 million yuan, growing by 39.81%, and the TPD platform brought in 15 million yuan, an increase of 47.92% [8][11] Profitability Metrics - The gross margin for the first three quarters of 2024 was 49.3%, an increase of 5.63 percentage points, and the net profit margin was 10.1%, up 2.66 percentage points [13][14] - The company’s net profit attributable to shareholders is projected to reach 50 million, 63 million, and 83 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 21.6%, 27.3%, and 31.5% [3][67] Market Position and Competitive Advantage - The company possesses over 1.2 trillion compounds in its drug seed library, making it a leader in the new drug development CRO industry [2][15] - The integration of AI and automation with existing platforms is expected to enhance drug discovery capabilities and optimize processes [45][46] Future Outlook - The company is expected to continue expanding its core platforms and enhancing its technological capabilities, which will support its growth trajectory in the coming years [3][67] - The strategic partnerships and collaborations with international pharmaceutical companies further solidify the company's position in the market [31][41]