Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q3 performance met expectations, with all subjects enrolled in the CKBAII clinical trial. The company reported a revenue of 572 million yuan for the first three quarters of 2024, a year-over-year decrease of 1.50%. The net profit attributable to the parent company was 116 million yuan, down 17.97% year-over-year [1] - The company is experiencing short-term profit pressure due to an increase in operating and R&D expense ratios. The gross margin for the first three quarters was 61.41%, a decrease of 1.08 percentage points year-over-year, while the net profit margin was 18.35%, down 5.27 percentage points year-over-year [1] - R&D achievements are gradually materializing, with the CKBA innovation ointment II phase clinical trial progressing smoothly. The company plans to accelerate the clinical trial process based on the progress of the II phase clinical trial for vitiligo indications and intends to submit a breakthrough therapy designation application [1] Financial Summary - For 2023, the company reported a revenue of 761 million yuan, with a year-over-year decrease of 2.9%. The projected revenues for 2024, 2025, and 2026 are 877 million yuan, 1.099 billion yuan, and 1.376 billion yuan, respectively, with growth rates of 15.3%, 25.3%, and 25.2% [2][5] - The net profit attributable to the parent company for 2023 was 160 million yuan, with projections of 194 million yuan, 263 million yuan, and 367 million yuan for the following years, reflecting growth rates of 20.9%, 35.7%, and 39.8% [2][5] - The gross margin is expected to improve from 60.6% in 2023 to 71.2% by 2026, indicating a positive trend in profitability [2][8] Key Financial Ratios - The company’s return on equity (ROE) is projected to increase from 8.9% in 2023 to 14.8% in 2026, demonstrating improved efficiency in generating profits from shareholders' equity [2][8] - The price-to-earnings (P/E) ratio is expected to decrease from 42.97 in 2023 to 17.04 by 2026, suggesting a more attractive valuation over time [2][8]
泰恩康：Q3业绩符合预期，CKBAII期全部受试者入组