Investment Rating - The report maintains a "Buy" rating for the company with a target price of 49.80 CNY, based on a projected 20x price-to-earnings ratio for 2025 [2][4]. Core Views - The company achieved a revenue of 721 million CNY in the first three quarters of 2024, a year-on-year increase of 1.07%, but the net profit attributable to the parent company decreased by 29.69% to 142 million CNY [1]. - The company's self-research transformation business is expected to maintain long-term growth potential despite short-term performance pressure [1]. - The company has a strong integrated service capability, with stable development in entrusted services and significant growth in self-research results transformation [1]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 196 million CNY, down 32.26% year-on-year, with a net profit of 7 million CNY [1]. - For H1 2024, entrusted research services generated 206 million CNY, up 5.77% year-on-year, while self-research results transformation revenue reached 290 million CNY, a 52.43% increase [1]. - The company signed new orders worth 711 million CNY in H1 2024, reflecting a 13.38% year-on-year growth [1]. Business Segments - The entrusted research services segment is supported by the policy benefits of the listed license holder system, with 59.53% of revenue coming from pharmaceutical research investment companies [1]. - The self-research results transformation business benefits from the company's R&D advantages in high-end generics, innovative drugs, and traditional Chinese medicine, with a focus on complex formulations and high technical barriers [1]. - The company has accumulated 89 projects with sales rights sharing, of which 19 have been approved, and has nearly 300 self-research projects that are yet to be transformed [1]. Profit Forecast - The forecast for earnings per share (EPS) is adjusted to 1.85 CNY for 2024, 2.49 CNY for 2025, and 2.80 CNY for 2026, reflecting a downward revision due to industry fluctuations and increased competition [2].
百诚医药24年三季报点评：业绩短期承压，看好自研转化业务长期成长性