Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is actively expanding into the international pharmaceutical market and the special medical food sector, with a revenue decline of 15.68% in the first three quarters of 2024 [2] - The company has adjusted its profit forecasts for 2024-2026 due to factors such as price reductions from centralized procurement and decreased domestic market demand [2] - The company is expected to benefit from its expansion into the amino acid market for pharmaceuticals and health products, particularly in international markets like the EU and Japan [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 253 million yuan, down 15.68% year-on-year, and a net profit attributable to shareholders of 38.16 million yuan, down 23.68% year-on-year [2] - In Q3 2024, the company reported a revenue of 81.96 million yuan, a decrease of 15.25% year-on-year, and a net profit of 10.49 million yuan, down 53.07% year-on-year [2] - The gross margin for Q3 2024 was 30.10%, an increase of 1.73 percentage points from the previous quarter, while the net profit margin was 12.79%, a decrease of 3.72 percentage points [3] Future Projections - The company expects to complete its high-end amino acid industrialization project by March 31, 2025, which will add 2,224 tons of amino acid production capacity [4] - The projected net profits for 2024-2026 are 56 million yuan, 73 million yuan, and 82 million yuan respectively, with corresponding EPS of 0.72 yuan, 0.94 yuan, and 1.06 yuan per share [2] - The current stock price corresponds to P/E ratios of 37.4, 28.5, and 25.3 for 2024, 2025, and 2026 respectively [2]
无锡晶海：北交所信息更新：积极布局国际医药市场和特医食品领域，2024前三季度营收-15.68%