百普赛斯：2024年三季报点评：2024Q3常规业务收入同环比均有所提升

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 56 yuan, while the current price is 45.97 yuan [1]. Core Views - The company's revenue for the first three quarters of 2024 reached 463 million yuan, representing a year-on-year growth of 12.34%. However, the net profit attributable to shareholders decreased by 34.85% to 83 million yuan [1]. - In Q3 2024, the company reported a revenue of 164 million yuan, a year-on-year increase of 13.81%, but the net profit attributable to shareholders fell by 26.64% [1]. - The company has strengthened its global presence while focusing on the domestic market, enhancing its core competencies in R&D, production, and sales [3]. - The report anticipates continued growth in the company's conventional business due to improved demand from overseas biopharmaceutical investments and supportive domestic policies [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, conventional business revenue was 443 million yuan, up 19.0% year-on-year, with overseas conventional business revenue growing over 20% [2]. - The company expects a net profit of 131 million yuan in 2024, a decrease of 14.8% year-on-year, followed by a recovery with projected profits of 168 million yuan and 215 million yuan in 2025 and 2026, respectively [4][5]. Business Strategy - The company is enhancing its R&D capabilities by increasing investment and expanding its R&D team, which reached 260 personnel by mid-2024 [3]. - It employs a comprehensive marketing strategy that includes online and offline channels to build its brand and attract target customers [3]. Market Outlook - The report predicts that the company's conventional business will continue to perform well, supported by a broadening customer base and favorable market conditions [4]. - The company has successfully expanded its operations to over 70 countries and regions, gaining the trust of more than 10,000 industrial and research clients [3].