颖泰生物：Q3大幅亏损，业绩承压

Investment Rating - No rating provided for the company [4] Core Views - The company experienced a significant loss in Q3 2024, with revenue of 1,448.57 million yuan, a year-on-year increase of 0.57%, but a net profit attributable to the parent company of -118.79 million yuan, a year-on-year decrease of 3,624.60% [1] - The company's gross margin for the first three quarters of 2024 was 11.44%, a year-on-year decrease of 6.41 percentage points, and the net profit margin attributable to the parent company was -4.70%, a year-on-year decrease of 8.03 percentage points [1] - The company's operating cash flow for the first three quarters of 2024 was -46.06 million yuan, a year-on-year increase of 28.24% [5] Financial Performance - Revenue for 2023 was 5,868.31 million yuan, a year-on-year decrease of 28.09% [4] - Net profit attributable to the parent company for 2023 was 95.68 million yuan, a year-on-year decrease of 90.95% [4] - Gross margin for 2023 was 17.12%, a significant decrease from 26.04% in 2022 [4] - ROE for 2023 was 1.64%, a sharp decline from 19.66% in 2022 [4] Company Overview - The company is a provider of agrochemical products, focusing on pesticide intermediates, active ingredients, and formulations, with a business model that integrates R&D, production, and sales [2] - The company has a comprehensive product portfolio, including herbicides, fungicides, and insecticides, with 424 domestic pesticide registrations and 1,269 international registrations as of December 31, 2023 [2] - The company serves major international and domestic agrochemical companies such as ADAMA, CORTEVA, SYNGENTA, NUFARM, and LANXESS [2] Market Data - As of November 22, 2024, the company's market capitalization was 5.124 billion yuan [2] - The company's closing price on November 22, 2024, was 4.18 yuan per share [2] - Total equity was 1,225.80 million shares, with 1,208.07 million shares in circulation [2] - Net assets were 5,402.66 million yuan, and total assets were 12,393.73 million yuan [2]