SHYNDEC(600420) 海通证券·2024-11-14 09:08Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights significant improvements in profitability, with a 69.27% year-on-year increase in net profit attributable to the parent company for the first three quarters of 2024, despite a 6.21% decline in revenue [5][6] - The company has effectively reduced costs and improved efficiency, leading to a gross margin increase of 10.35 percentage points in the pharmaceutical intermediates and raw materials segment [5] - The report anticipates revenue growth for the company, projecting revenues of 120.24 billion, 128.25 billion, and 138.36 billion yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 85.93 billion yuan and a net profit of 9.55 billion yuan [5] - The gross margin for the first three quarters of 2024 was 39.69%, reflecting a year-on-year increase of 0.81 percentage points [6] - The net profit margin for the same period was 13.96%, up by 5.25 percentage points year-on-year [6] Business Strategy - The company is focusing on enhancing its integrated supply chain for raw materials and formulations, with new products added to its portfolio [7] - It has successfully improved its research and development capabilities, with a notable increase in the number of approved projects [7] Earnings Forecast - The forecast for net profit attributable to the parent company is 11.73 billion yuan for 2024, with expected growth rates of 69.5%, 17.5%, and 15.4% for the following years [8][11] - The report provides a valuation range for the company, estimating a reasonable value between 15.41 and 19.52 yuan per share based on a P/E ratio of 15-19x for 2025 [7][10]