Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 72.58 yuan based on a projected P/E ratio of 38 times for 2025 [2]. Core Insights - The company achieved excellent performance in Q3 2024, with revenue of 930 million yuan, a year-on-year increase of 37.6%, and a net profit attributable to the parent company of 210 million yuan, up 57.5% year-on-year [1]. - Domestic sales showed steady growth, with a revenue of 680 million yuan in Q3, reflecting a 22.3% increase year-on-year, while international sales reached 120 million yuan, growing by 72.1% [1]. - The company successfully participated in national drug procurement, leading to a significant increase in domestic formulation sales, which totaled 1.8 billion yuan in the first three quarters of 2024, marking a 13.9% increase [1]. - The expansion into emerging markets has yielded significant results, with successful orders in Algeria and progress in the European and American markets [1]. - Profitability has improved, with a gross margin of 78.05% and a net margin of 22.4% in Q3, both showing increases compared to the previous year [1]. Financial Summary - The company's revenue for 2022 was 1.712 billion yuan, with a projected increase to 3.594 billion yuan in 2024, representing a year-on-year growth of 37.8% [4]. - The net profit attributable to the parent company is expected to rise from 340 million yuan in 2023 to 644 million yuan in 2024, reflecting an increase of 89.5% [4]. - The earnings per share are projected to be 1.07 yuan in 2024, increasing to 2.40 yuan by 2026 [2][4].

中信证券股份有限公司关于甘李药业股份有限公司 首次公开发行部分限售股上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为甘李 药业股份有限公司（以下简称"甘李药业"或"公司"）持续督导工作的保荐机 构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关规定， 一、本次限售股上市类型 经中国证券监督管理委员会《关于核准甘李药业股份有限公司首次公开发行 股票的批复》（证监许可[2020]1075 号）核准，甘李药业获准向社会公众公开发 行人民币普通股（A 股）股票 40,200,000 股，于 2020 年 6 月 29 日在上海证券交 易所上市。公司首次公开发行前总股本为 360,900,000 股,首次公开发行后总股本 为 401,100,000 股，其中有限售条件流通股为 360,900,000 股，无限售条件流通股 为 40,200,000 股。 本次上市流通的限售股为公司首次公开发行限售股，涉及股东为 Vast Wintersweet Limited（以下简称"Wintersweet"）， ...

证券代码：603087 证券简称：甘李药业 公告编号：2024-086 甘李药业股份有限公司 首次公开发行部分限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、本次限售股上市类型 经中国证券监督管理委员会《关于核准甘李药业股份有限公司首次公开发行 股票的批复》（证监许可[2020]1075 号）核准，甘李药业股份有限公司（以下简称 "甘李药业"、"公司"）获准向社会公众公开发行人民币普通股（A 股）股票 40,200,000 股，于 2020 年 6 月 29 日在上海证券交易所上市。公司首次公开发行前 总股本为 360,900,000 股,首次公开发行后总股本为 401,100,000 股，其中有限售条 件流通股为 360,900,000 股，无限售条件流通股为 40,200,000 股。 本次上市流通的限售股为公司首次公开发行限售股，涉及股东为 Vast Wintersweet Limited（以下简称"Wintersweet"）。Wintersweet 本次限售股上市流 通数量为 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Viewpoints - The company achieved a revenue of 930 million yuan in Q3 2024, representing a year-on-year growth of 37.61%, and a net profit attributable to the parent company of 208 million yuan, up 57.47% year-on-year [2]. - Domestic revenue continues to grow steadily, with Q3 domestic revenue reaching 680 million yuan, a 22.25% increase compared to the same period last year, primarily due to price increases of the company's formulation products [2]. - The company actively expanded into overseas markets, with international sales revenue for the first three quarters reaching 242 million yuan, a 37.63% increase year-on-year, and Q3 sales revenue growing by 72.10% year-on-year [2]. - The company's pipeline research and development is progressing steadily, with promising data for key products such as GZR18, GZR4, and GZR101, showing superior efficacy compared to competitors in clinical trials [2]. - The company is expected to achieve revenues of 3.321 billion yuan, 4.753 billion yuan, and 5.743 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 655 million yuan, 1.215 billion yuan, and 1.541 billion yuan, corresponding to PE ratios of 47, 26, and 20 times [2][5]. Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported a revenue of 930 million yuan, with a net profit of 208 million yuan, marking significant year-on-year growth [2]. - For the first three quarters of 2024, domestic sales revenue was 1.868 billion yuan, an increase of 239 million yuan year-on-year, with domestic formulation sales contributing 1.802 billion yuan [2]. - The company’s international sales revenue for the first three quarters was 242 million yuan, reflecting a 37.63% increase year-on-year [2]. R&D Progress - The company’s key products in the pipeline include GZR18, GZR4, and GZR101, with GZR18 showing superior efficacy in reducing HbA1c and body weight compared to Semaglutide in clinical trials [2]. - The company’s ultra-long-acting insulin GZR4 also demonstrated better efficacy in lowering HbA1c compared to Degludec in its clinical trials [2]. Future Projections - The company is projected to achieve revenues of 3.321 billion yuan in 2024, 4.753 billion yuan in 2025, and 5.743 billion yuan in 2026, with corresponding net profits of 655 million yuan, 1.215 billion yuan, and 1.541 billion yuan [5][6].

证券代码：603087 证券简称：甘李药业 公告编号：2024-085 甘李药业股份有限公司 关于完成工商登记信息变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2024 年 5 月 24 日，甘李药业股份有限公司（以下简称"公司"）在中国证 券登记结算有限责任公司上海分公司办理完成公司 2024 年限制性股票激励计划 7,040,000 股的授予登记工作，授予登记完成后，公司总股本由 594,161,750 股变 更为 601,201,750 股，注册资本由 594,161,750 元变更为 601,201,750 元。具体内 容详见公司于 2024 年 5 月 28 日披露的《甘李药业股份有限公司关于 2024 年限 制性股票激励计划授予登记完成的公告》（公告编号：2024-052）。 2024 年 7 月 25 日，公司完成 2022 年限制性股票激励计划部分限制性股票 的回购注销工作，回购注销完成后，公司总股本由 601,201,750 股变更为 601,065,290 股，注册资本由 601,201,75 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][2]. Core Views - The company reported a revenue of 2.245 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.81%. The net profit attributable to shareholders reached 507 million yuan, up 90.36% year-on-year [1]. - The increase in domestic revenue is driven by the price increase of insulin products under national procurement, with a revenue increase of 150 million yuan attributed to price hikes in the first three quarters [1]. - The company has successfully expanded its international market presence, with international sales revenue growing by 37.63% year-on-year in the first three quarters and 72.10% in Q3 alone [2]. Financial Performance Summary - For Q1-Q3 2024, the gross margin was 75.36%, an increase of 0.61 percentage points year-on-year. The R&D expense ratio decreased by 1.44 percentage points to 17.97% [1]. - The company expects net profits for 2024, 2025, and 2026 to be 625 million, 1.192 billion, and 1.489 billion yuan, respectively, with corresponding P/E ratios of 48.3, 25.3, and 20.2 [2][6]. - The domestic sales revenue for Q1-Q3 2024 was 1.868 billion yuan, a year-on-year increase of 14.64%, while international sales revenue was 242 million yuan, up 37.63% [1].

胰岛素集采中选产品价格上涨，新一轮集采协议量增加。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，10月22日，甘李药业（603087.SH）发布2024年三季报，前三季度实现收入 22.45亿元，同比增长17.81%；归母净利润5.07亿元，同比增长90.36%，主要系前三季度营业收 入、交易性金融资产公允价值变动收益较上年同期大幅增长所致。其中，今年第三季度营业收入为 9.30亿元，同比增长37.61%；实现归母净利润2.08亿元，同比增长57.47%。 第三季度，公司国内外收入均实现增长。 报告期内国内收入为6.80亿元，同比增加22.25%，主要 归因于公司制剂产品价格的上涨。 2024年前三季度，公司国内销售收入18.68亿元，同比增长2.39亿元，其中国内制剂销售收入 18.02亿元，同比增2.21亿元。 来源：公司财报 今年第二季度，公司参加了全国药品集采（胰岛素专项接续）的投标工作，所有产品均中选，且中选 产品价格上涨。新一轮胰岛素集采在二、三季度陆续由各省开始执行，且产品价格上涨推动2024年 前三季度公司总收入增加了1.50亿元。 此外， 公 ...

Investment Rating - Maintains "Overweight" rating with a target price of CNY 60.03 [1][4] Core Views - Strong performance growth driven by insulin procurement price increases and overseas business expansion [1][3] - GLP-1 data shows excellent results, with R&D pipeline progressing steadily [1][3] - Insulin procurement saw both volume and price increases, with core products like insulin glargine securing a 34.1% price hike [3] - Overseas business is accelerating, with emerging markets showing a 37.63% YoY increase in international sales [3] - GLP-1 receptor agonist GZR18 demonstrated a 17.29% weight reduction in Phase IIb trials, indicating best-in-class potential [3] Financial Summary - Revenue for 2024E is projected at CNY 3,418 million, a 31.1% YoY increase [2] - Net profit attributable to parent company for 2024E is forecasted at CNY 715 million, a 110.3% YoY increase [2] - EPS for 2024E is expected to be CNY 1.19, with ROE at 6.2% [2] - Revenue for 2024Q1-Q3 reached CNY 2.245 billion, up 17.81% YoY, with net profit attributable to parent company at CNY 507 million, up 90.36% YoY [3] Business Highlights - Domestic insulin sales for 2024Q1-Q3 reached CNY 1.802 billion, up 13.94% YoY, with volume contributing 4.45% and price contributing 9.49% [3] - International sales for 2024Q1-Q3 reached CNY 242 million, up 37.63% YoY, with Q3 sales up 72.10% YoY [3] - Franchise service revenue for 2024Q1-Q3 reached CNY 135 million, up 34.49% YoY [3] R&D Progress - GLP-1 receptor agonist GZR18 showed a 17.29% weight reduction in Phase IIb trials, indicating strong potential [3] - Insulin weekly formulation GZR4 and dual insulin compound GZR101 are progressing through Phase II trials [3] Valuation Metrics - 2024E P/E ratio is 42.16x, with a P/B ratio of 2.60x [2][6] - 2025E P/E ratio is projected at 24.86x, with a P/B ratio of 2.39x [2][6]

证券代码：603087 证券简称：甘李药业 公告编号：2024-084 一、GLR1023 的基本情况 GLR1023 注射液是已上市药品可善挺®（通用名：Secukinumab，司库奇尤单 抗）的生物类似药，是一种全人源重组单克隆 IgG1κ 抗体，其 Fab 段的抗原结合 位点可与人白细胞介素 IL-17A 特异性结合，抑制它与 IL-17A 受体相互作用，用 于治疗符合系统治疗或光疗指征的成年中度至重度斑块状银屑病。 甘李药业股份有限公司 关于 GLR1023 注射液中国Ⅰ期临床试验完成 首例受试者给药的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 甘李药业股份有限公司（以下简称"公司"、"甘李药业"）收到国家药品 监督管理局下发的关于公司在研药品 GLR1023 注射液的《药物临床试验批准通 知书》后，已经启动中国 I 期临床试验，并于近日成功完成首例受试者给药。现 将相关情况公告如下： 截至公告发布日，国内仅有原研厂家诺华生产的司库奇尤单抗注射液获批上 市。2023 年度，司库奇尤单抗注射液可善挺®（Cose ...

财联社10月22日讯（记者 何凡）今年前三季度，甘李药业（603087.SH）国内外收入均同比有所提高。 其中公司产品在胰岛素专项接续采购中中标，中标产品价格上涨为甘李药业国内销售收入提升做出了积 极贡献，增长效应在Q3开始初步体现。此外，甘李药业也试图将胰岛素产品销往海外，而节点收入增 加也是公司业绩增长的因素之一。 今日晚间，甘李药业发布2024三季报，公告显示，今年前三季度公司实现营业收入22.45亿元，同比增 加17.81%；归母净利润5.07亿元，同比增长90.36%。 分地区来看，前三季度甘李药业国内（销售收入）为18.68亿元，同比增长14.64%，其中国内制剂销售 收入 18.02亿元，较上年同期增长2.21亿元。国际（销售收入）为2.42亿元，同比提高37.63%，国际 （特许经营权服务收入）为1.35亿元，同比增加34.49%。 针对业绩的增长的原因，甘李药业方面表示，得益于国内收入增长稳健。从单季度来看，由于制剂产品 价格的上涨，Q3公司实现营业收入9.30亿元，同比提高37.61%，归母净利润2.08亿元，同比增长 57.47%。Q2公司在胰岛素集采中标，产品价格上涨带来的收入增长效应 ...