SYNERGY(300636) 华创证券·2024-11-06 05:23Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 12 yuan, compared to the current price of 8.66 yuan [5] Core Views - The company's Q3 2024 performance met expectations, with revenue of 570 million yuan (+1.84% YoY) and net profit attributable to shareholders of 95.74 million yuan (+21.72% YoY) [1] - Non-contract custom business grew by 13.8% YoY in the first three quarters of 2024, while contract custom business declined by 44.7% due to early termination by some clients [2] - Overseas sales contributed significantly, with export revenue reaching 460 million yuan (+6.63% YoY), while domestic sales declined by 15% to 107 million yuan [2] - New production capacity is expected to support the company's growth, particularly for new API products such as Ticagrelor, Vildagliptin, and Apixaban [3] Financial Performance - Revenue for 2024 is projected to be 795 million yuan (+10.1% YoY), with net profit attributable to shareholders of 135 million yuan (+27.3% YoY) [4] - The company's revenue is expected to grow to 1.15 billion yuan by 2026, with a net profit of 226 million yuan [4] - The company's PE ratio for 2024-2026 is estimated at 27x, 21x, and 16x, respectively [3] Business Outlook - The company is entering a new growth cycle driven by new products, with overseas API business expected to grow steadily as patents expire [2] - Domestic sales are expected to benefit from an increasing pipeline of registered products [2] - The company's new production facilities are expected to support the expansion of its API product portfolio [3] Valuation - The report suggests a 2025 PE multiple of 30x, implying a target price of 12 yuan [3] - The company's current valuation is considered reasonable given its growth prospects [3]