Investment Rating - The report maintains a "Hold" rating for Gan & Lee Pharmaceuticals (603087) [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 2.25 billion yuan (+17.8% YoY) and net profit of 510 million yuan (+90.4% YoY) [2] - Domestic pharmaceutical and device revenue reached 680 million yuan (+22.3% YoY) in Q3, while overseas insulin revenue was 120 million yuan (+72.1% YoY) [2] - Gross margin improved to 75.4% (+0.6pp YoY) in the first three quarters, with Q3 margin reaching 78.1% (+1.5pp YoY) [2] - Key pipeline products GZR18 and GZR4 showed promising clinical trial results, with GZR18 demonstrating superior efficacy to semaglutide in diabetes treatment and achieving 16.5kg weight loss after 35 weeks [3] Financial Performance - Revenue growth is projected at 30.95% for 2024E, 39.97% for 2025E, and 20.23% for 2026E [4] - Net profit is expected to grow by 96.25% in 2024E, 65.43% in 2025E, and 28.35% in 2026E [4] - EPS forecasts are 1.11 yuan for 2024E, 1.84 yuan for 2025E, and 2.36 yuan for 2026E [4] - ROE is projected to increase from 5.89% in 2024E to 10.50% in 2026E [4] Operational Highlights - The company successfully implemented price adjustments following centralized procurement renewals, contributing to margin improvement [2] - R&D expenses accounted for 18% of revenue in the first three quarters, while sales expenses were 37% [2] - The company is strategically expanding sales channel coverage in anticipation of centralized procurement implementation across provinces [2] Pipeline Development - GZR18, a single-target GLP-1Ra drug, demonstrated superior efficacy to semaglutide in Phase 2a trials for diabetes treatment [3] - GZR4, a fourth-generation insulin weekly formulation, ranks among the top three in global development progress [3] Valuation Metrics - PE ratio is projected to decrease from 86.45 in 2023A to 20.75 in 2026E [7] - PB ratio is expected to decline from 2.74 in 2023A to 2.18 in 2026E [7] - EV/EBITDA ratio is forecast to improve from 51.51 in 2023A to 12.23 in 2026E [7]

Investment Rating - The report maintains a "Hold" rating for the company [2] Core Insights - The company reported a revenue of 2.25 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.8%, and a net profit attributable to shareholders of 510 million yuan, up 90.4% year-on-year [2] - The third quarter performance met expectations, with quarterly revenues of 560 million, 750 million, and 930 million yuan for Q1, Q2, and Q3 respectively, showing year-on-year growth of 0.4%, 12.3%, and 37.6% [3] - The gross margin for the first three quarters was 75.4%, an increase of 0.6 percentage points year-on-year, primarily driven by price adjustments following the continuation of centralized procurement [3] - The company has made significant progress in its key drug pipelines, with promising clinical data for its GLP-1Ra drug GZR-18 and fourth-generation insulin GZR4 [4] - Earnings per share (EPS) forecasts for 2024-2026 are projected at 1.11 yuan, 1.84 yuan, and 2.36 yuan respectively, reflecting strong growth potential from domestic and international markets [4] Financial Summary - For 2023, the company achieved a revenue of 2.608 billion yuan, with a projected revenue of 3.415 billion yuan for 2024, indicating a growth rate of 30.95% [8] - The net profit attributable to shareholders for 2023 was 340.07 million yuan, with projections of 667.39 million yuan for 2024, representing a growth rate of 96.25% [8] - The gross margin is expected to remain strong, with forecasts of 75.62% for 2024 and 73.80% for 2025 [8]

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].

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 ...

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"）， ...

甘李药业（603087.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 国内收入持续增长，海外市场持续开拓 2024 年 10 月 25 日 ➢ 事件。2024 年 10 月 23 日公司发布三季度报告，2024 年第三季度实现营 业收入 9.3 亿元，同比增长 37.61%；实现归属于母公司所有者的净利润 2.08 亿 元，同比增长 57.47%。 ➢ 胰岛素续约实现量价齐升，国内收入增长稳健。2024 年第三季度，国内收 入为 6.80 亿元，较上年同期增加 1.24 亿元，较上年同期增长 22.25%，主要归 因于公司制剂产品价格的上涨。2024 年前三季度，公司实现国内销售收入 18.68 亿元，较上年同期增长 2.39 亿元，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。2024 年第二季度，公司积极参加了国家组织的胰岛素专项 接续的投标工作，所有产品均成功中选。本次集采公司中选产品价格上涨。新一 轮胰岛素集采在二、三季度陆续由各省开始执行，公司产品价格上涨带来的收入 增长效应在三季度初步部分体现。具体而言，价格上涨对 2024 年前三季 ...

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 ...

证券研究报告 | 季报点评 gszqdatemark 2024 10 23 年 月 日 甘李药业（603087.SH） 胰岛素国采续标量价齐升，海外市场拓展不断突破 公司发布 2024 三季报。2024Q1-3，营业收入 22.45 亿元（+17.81%）， 归母净利润 5.07 亿元（+90.36%），扣非后归母净利润 3.11 亿元 （+38.64%）。2024Q3，营业收入 9.30 亿元（+37.61%），归母净利润 2.08 亿元（+57.47%），扣非后归母净利润 1.84 亿元（+50.79%）。 拆分看，2024Q1-3 国内销售收入 18.68 亿元，同比+14.64%；国际销售 收入 2.42 亿元，同比+37.63%；特许经营收入 1.35 亿元，同比+34.49%。 2024Q3 国内销售收入 6.80 亿元，同比+22.25%；国际销售收入 1.17 亿 元，同比+72.10%；特许经营收入 1.33 亿元，同比+156.85%。 从财务指标看，2024Q1-3 毛利率 75.36%，同比增加 0.61 个百分点；销 售费用率 37.03%，同比增加 0.11 个百分点，管理费用率 ...

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 ...