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 116.29 million yuan for the first nine months of 2024, a decrease of 29.94% year-on-year. The net profit attributable to shareholders was 33.33 million yuan, down 50.09% year-on-year, and the net profit after deducting non-recurring items was 32.92 million yuan, also down 50.15% year-on-year [1]. - The fluctuations in product prices and customer demand have negatively impacted both gross and net profit margins. For the first nine months of 2024, the gross margin was 40.11%, a decline of 12.47 percentage points year-on-year, while the net margin was 28.66%, down 11.58 percentage points year-on-year [1]. - The company’s sales expense ratio increased to 1.48%, up 0.91 percentage points year-on-year, while the management expense ratio rose to 6.38%, an increase of 3.15 percentage points year-on-year. The R&D expense ratio was 5.29%, up 1.02 percentage points year-on-year, and the financial expense ratio was -5.47% [1]. Financial Performance - For the third quarter of 2024, the company achieved a revenue of 45.34 million yuan, reflecting a year-on-year increase of 15.46%. However, the net profit attributable to shareholders was 9.88 million yuan, down 22.92% year-on-year, and the net profit after deducting non-recurring items was 9.67 million yuan, down 22.27% year-on-year [4]. - The gross margin for the third quarter of 2024 was 33.73%, a decrease of 10.24 percentage points year-on-year, while the net margin was 21.79%, down 10.85 percentage points year-on-year [5]. - As of November 28, 2024, the company's market capitalization was 1.965 billion yuan, with a price-to-earnings ratio (TTM) of 38.30 times [5].
海昇药业：产品价格波动，收入利润端均承压