CENTEK(SZ:000931) Huaan Securities·2024-11-07 08:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights stable revenue growth in Q3 2024, with a year-on-year increase of 14.96% to reach 19.30 billion [1] - The net profit attributable to shareholders increased by 24.78% year-on-year to 0.52 billion, while the non-recurring net profit rose by 19.97% to 0.40 billion [1] - Strategic collaborations are enhancing the company's R&D capabilities, with agreements signed with HaiLaiKe and Shandong BaiNuo Pharmaceutical for innovative drug development [1][2] Financial Performance Summary - In Q3 2024, the company's revenue was 6.56 billion, reflecting a year-on-year growth of 22.41%, while the net profit attributable to shareholders was 0.15 billion, down 2.40% year-on-year [1] - The gross profit margin for the first three quarters of 2024 was 57.91%, a decrease of 1.79 percentage points year-on-year [1] - The operating cash flow for the period was 0.80 billion, a decline of 48.15% year-on-year [1] Future Projections - The company is projected to achieve revenues of 25.59 billion, 28.77 billion, and 32.50 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.4% for both 2024 and 2025, and 13.0% for 2026 [3] - The net profit attributable to shareholders is expected to be 0.77 billion, 1.01 billion, and 1.34 billion for the same years, with growth rates of 58.0%, 31.2%, and 32.2% respectively [3] - Corresponding valuations for 2024, 2025, and 2026 are projected at 50X, 38X, and 29X [3]