Bide Pharmatech (688073) 华创证券·2024-11-13 07:23Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 66 yuan [1]. Core Insights - The company reported a revenue of 811 million yuan for the first three quarters of 2024, representing a year-on-year growth of 0.79%. However, the net profit attributable to shareholders decreased by 26.05% to 84 million yuan, and the non-recurring net profit fell by 40.18% to 72 million yuan [1]. - In Q3 2024, the company achieved a revenue of 279 million yuan, down 1.14% year-on-year but up 3.57% quarter-on-quarter. The net profit attributable to shareholders increased by 8.20% year-on-year and 24.26% quarter-on-quarter to 32 million yuan, while the non-recurring net profit decreased by 17.19% year-on-year but increased by 5.73% quarter-on-quarter to 24 million yuan [1]. - The overseas revenue proportion continues to rise, with overseas revenue reaching 299 million yuan in H1 2024, a year-on-year increase of 12.68%, accounting for 56% of total revenue. In Q3 2024, overseas revenue further increased to 159 million yuan, raising its share to 57% [2]. - The company's gross margin significantly improved, reaching 44.35% in Q3 2024, up 4.24 percentage points from the previous quarter, driven by the higher gross margin of overseas business and enhanced intellectual property management [2]. - The company is seeing the effects of refined management, with a focus on expanding its core product lines and optimizing its product structure, leading to a combined increase of 47% in sales, management, and R&D expenses [2]. Financial Summary - For 2024E, the company is projected to have total revenue of 1.112 billion yuan, a growth rate of 1.8%. The net profit attributable to shareholders is expected to be 117 million yuan, reflecting a growth rate of 6.5% [3]. - The earnings per share (EPS) for 2024E is estimated at 1.28 yuan, with a price-to-earnings (P/E) ratio of 38 times [3]. - The company’s total assets are projected to reach 2.561 billion yuan in 2024E, with a debt-to-asset ratio of 17.0% [3].