Rundu Pharma(002923) 国元证券·2024-11-05 09:39Investment Rating - The report maintains a "Buy" rating for the company [6][14]. Core Views - The company's performance in the first three quarters of 2024 showed a revenue of 877 million yuan, a year-on-year decrease of 7.23%, and a net profit attributable to the parent company of 37 million yuan, down 43.29% year-on-year [2][3]. - The decline in revenue is attributed to the impact of centralized procurement on certain products, while the significant drop in profit is mainly due to the depreciation from the solidification of the Hubei raw material drug base [3]. - The company has effectively controlled its expense ratios, with a sales expense ratio of 22.66%, down 4.44 percentage points year-on-year, and a management expense ratio of 5.81%, down 0.55 percentage points year-on-year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 877 million yuan, a decrease of 7.23% year-on-year, and a net profit of 37 million yuan, down 43.29% year-on-year. The earnings per share (EPS) stood at 0.11 yuan [2]. - The company’s sales expense ratio decreased to 22.66%, while the management expense ratio was 5.81%, indicating good control over expenses [3]. Research and Development - The company invested 98 million yuan in R&D, accounting for 11.13% of its revenue, which is an increase of 2.90 percentage points year-on-year. The innovative drug, hydrochloride deoxyephedrine, is highlighted as a key product in the pipeline, with a market potential exceeding 1 billion yuan [4]. Business Development - The company has developed a diversified business model in raw materials, including antihypertensive and proton pump inhibitors. The Hubei Jingmen production base is expected to contribute to revenue growth in the future [5]. - The company has over 20 chemical preparation products in various therapeutic areas, which are anticipated to see sales growth through centralized procurement [5]. Profit Forecast - The company is projected to achieve revenues of 1.305 billion yuan, 1.442 billion yuan, and 1.576 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to the parent company is expected to be 59.43 million yuan, 107.67 million yuan, and 142.26 million yuan for the same years [6].