Sun-Novo(SH:688621) Changjiang Securities·2024-11-18 02:33Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company reported a significant revenue increase of 32.47% year-on-year for the first three quarters of 2024, achieving a total revenue of 917 million yuan. The net profit attributable to the parent company reached 208 million yuan, reflecting a year-on-year growth of 21.40% [5][6]. - In Q3 2024, the company achieved a revenue of 354 million yuan, marking a 53.20% increase compared to the same period last year, with a net profit of 59.12 million yuan, up 11.37% year-on-year. This growth is attributed to enhanced market business development and a robust order backlog [5][6]. - The company continues to invest in research and development, with R&D expenses amounting to 50.41 million yuan in Q3 2024, representing a R&D expense ratio of 14.25%. The focus is on innovative drugs, improved new drugs, and generic drug projects, with several breakthroughs in the drug pipeline [6][7]. - The company has established itself as a major provider of drug development services in China, having served approximately 900 pharmaceutical companies, primarily medium to large-sized manufacturers. This solid order reserve and continuous improvement in R&D service capabilities support the company's long-term growth [6][7]. - The forecast for net profit attributable to the parent company for 2024-2026 is 234 million, 300 million, and 374 million yuan, respectively, corresponding to a PE ratio of 22, 17, and 14 times based on the current market capitalization [6][7].