CHUNLI MEDICAL(688236) Huaan Securities·2024-11-19 02:28Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in Q3 2024 continues to be under pressure, but improvement is expected in 2025 [2] - The company reported a revenue of 508 million yuan for the first three quarters of 2024, a year-on-year decrease of 35.84%, and a net profit attributable to the parent company of 61 million yuan, down 66.14% year-on-year [2] - The decline in revenue and profit is attributed to the impact of centralized procurement policies affecting the company's ex-factory prices, leading to a significant drop in gross margin [2] - The company is enhancing its R&D efforts and expanding into new fields and products, with R&D expenses reaching 32 million yuan in Q3 2024, representing a 24.98% R&D expense ratio, an increase of 9.00 percentage points year-on-year [2] Financial Performance Summary - For 2024, the company is projected to have revenues of 775 million yuan, with a year-on-year decline of 35.9%, followed by a recovery with expected growth rates of 31.5% in 2025 and 27.8% in 2026 [5] - The net profit attributable to the parent company is expected to be 117 million yuan in 2024, down 57.7% year-on-year, with subsequent increases to 204 million yuan in 2025 and 274 million yuan in 2026 [5] - The gross margin is projected to decrease to 69.1% in 2024, stabilizing at that level through 2026 [5] - The company holds 174 product registration certificates or filing certificates in China, with nearly 20 obtained in Q3 2024, indicating a diversified product portfolio [2]