森萱医药：北交所信息更新：募投预计年内建成投产，2024Q1-3归母净利润-12%

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 388 million yuan for Q1-Q3 2024, a year-on-year decline of 12.76%, and a net profit attributable to the parent company of 91.37 million yuan, down 11.57% year-on-year. Due to factors such as decreased demand and adjustments in the Indian industry, the profit forecasts for 2024-2026 have been revised downwards [3][4] - The company is focusing on its core business and seeking development opportunities in the upstream and downstream of the industry chain, with a strategy to enhance its raw material drug production and expand into new materials and intermediates [4][5] - The company is currently constructing a project for the annual production of 40 tons of Lopinavir and 60 tons of Rufinamide, which is expected to be completed and put into production within 2024 [4] Financial Summary - For 2024E, the expected net profit attributable to the parent company is 138 million yuan, with corresponding EPS of 0.32 yuan per share, and a PE ratio of 33.1 times. The projections for 2025E and 2026E are 163 million yuan and 187 million yuan respectively, with EPS of 0.38 yuan and 0.44 yuan per share, and PE ratios of 28.0 times and 24.4 times [3][6] - The company's total market capitalization is 5.311 billion yuan, with a circulating market capitalization of 5.309 billion yuan, and a total share capital of 427 million shares [1][3] - The company has a gross margin of 43.2% and a net margin of 22.2% projected for 2024E, with a return on equity (ROE) of 11.2% [6][7]