太极集团：业绩短期承压，人事变动落地

Investment Rating - The investment rating for the company is "Buy" [3][7] Core Views - The company's performance in the third quarter is under short-term pressure, with a significant decline in revenue and net profit [1] - The company has experienced a leadership change, which is expected to continue the logic of state-owned enterprise reform [1] - Despite the current downturn, the adjusted forecasts suggest a potential return to growth in the coming years [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 10.43 billion, a year-on-year decrease of 14%, and a net profit of 550 million, down 28% [1] - In Q3 2024, revenue was 2.62 billion, down 16%, with a net profit of 50 million, a decline of 74% [1] - The pharmaceutical industry revenue for the first three quarters was 6.19 billion, down 25%, while the health and international business revenue grew by 66% to 360 million [1] - The company has revised its revenue forecasts for 2024, 2025, and 2026 down to 13.15 billion, 15.18 billion, and 17.4 billion respectively, with growth rates of -16%, 15%, and 15% [2][5] Earnings Forecast and Investment Recommendations - The forecast for net profit has been adjusted to 610 million, 820 million, and 1 billion for 2024, 2025, and 2026, reflecting growth rates of -26%, 33%, and 23% [2][5] - The report maintains a "Buy" rating based on the expectation that the company's performance will rebound after adjustments [1][5]