诺思格：2024年三季报点评：收入端增长稳健，利润端受激励计划摊销费用影响

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company achieved a revenue of 562 million yuan in the first three quarters of 2024, representing a year-on-year growth of 7.10%. However, the net profit attributable to the parent company decreased by 32.93% to 84 million yuan [1]. - The company signed new contracts worth 976 million yuan in 2023, a significant increase of 20% year-on-year, primarily from orders from pharmaceutical and biotechnology companies in China [2]. - The profit decline is largely attributed to the amortization of expenses related to the stock incentive plan. Excluding this impact, the adjusted net profit would have shown a smaller decline of 4.40% year-on-year [2]. - The favorable market environment for the biopharmaceutical industry is expected to continue, supported by government policies and investment funds [2]. Financial Summary - For 2024, the company is projected to have a net profit of 121 million yuan, a decrease of 25.4% year-on-year, with an EPS of 1.26 yuan. The projections for 2025 and 2026 are 170 million yuan and 191 million yuan, respectively, with corresponding EPS of 1.76 yuan and 1.97 yuan [3][6]. - The total revenue is expected to grow from 721 million yuan in 2023 to 789 million yuan in 2024, with a year-on-year growth rate of 9.3% [6]. - The company's total market value is currently estimated at 64.13 billion yuan, with a target price set at 80 yuan based on a PE ratio of 45 for 2025 [4][3].