博腾股份：盈利能力实现改善，订单状况延续高增

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's profitability has improved, and the order situation continues to show high growth. For the first nine months of 2024, the company reported a revenue of 2.125 billion yuan, a year-on-year decline of approximately 30%, with a net profit attributable to shareholders of -206 million yuan [1]. - In Q3 2024, the company achieved a revenue of 773 million yuan, representing a year-on-year growth of about 11%, and a quarter-on-quarter growth of 14.65%. Excluding the impact of large orders, the year-on-year growth reached approximately 29% [1]. - The report highlights that the small molecule CDMO orders are growing rapidly, and the formulation CDMO business has shown outstanding growth [1]. Financial Performance Summary - For the first nine months of 2024, the small molecule API CDMO business revenue was 1.968 billion yuan, a year-on-year decline of about 33%, but a growth of approximately 3% when excluding large orders. The backlog of unexecuted orders increased by over 40% year-on-year, indicating future order delivery potential [1]. - The formulation CDMO business revenue was 101 million yuan, with a year-on-year growth of about 65% [1]. - The overall gross margin for the company was approximately 23%, with the overseas market gross margin at about 35% and the domestic market gross margin at -8% [1]. - The report notes that new businesses have a short-term negative impact on the financial statements, with a net profit impact of approximately -166 million yuan for the first nine months of 2024 [1]. Earnings Forecast and Investment Advice - Due to changes in the investment environment, the earnings forecast for the company has been adjusted. The expected net profits for 2024-2026 are -206 million yuan, 131 million yuan, and 197 million yuan, with growth rates of -177.3%, turning positive, and 49.8% respectively [1][2]. - The report suggests that the company is expected to benefit from industry trends, with revenue likely to maintain high growth in the coming years, and profit growth is anticipated to accelerate due to improvements in capacity utilization and operational efficiency [1].