大唐药业：Q3单季度收入利润均保持高增长

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook compared to the market index [8]. Core Insights - The company reported a revenue of 158.06 million yuan for the first nine months of 2024, reflecting a year-on-year increase of 6.64%. The net profit attributable to shareholders was 10.38 million yuan, showing a slight decrease of 0.72% year-on-year. However, the net profit for the third quarter (July to September) was 5.24 million yuan, a significant turnaround from a loss in the same period last year, with a revenue increase of 109.46% [4]. - The company maintains a strong gross margin of 72.16% for the first nine months of 2024, which is an increase of 1.23 percentage points year-on-year. The net profit margin stands at 6.57%, a decrease of 0.49 percentage points year-on-year [4]. Financial Summary - For the first nine months of 2024, the company achieved a gross margin of 72.16% and a net profit margin of 6.57%. The sales expense ratio decreased by 5.46 percentage points to 40.61%, while the management expense ratio increased by 4.18 percentage points to 18.10% [4]. - The company’s financial performance over the past four years shows fluctuations in revenue and profit, with a notable decline in 2022 followed by a recovery in 2023, where revenue reached 188.25 million yuan, a year-on-year growth of 19.39% [5].