博瑞医药更新：基本面向上，看好减重催化

Investment Rating - The investment rating for the company is upgraded to "Buy" [2][14]. Core Insights - The company is in a breakthrough phase with stable growth in its raw material business and high-barrier formulations. The upcoming clinical data for the weight loss drug BGM0504 is expected to act as a catalyst for growth [3][14]. - The weight loss drug BGM0504 has shown promising results in its Phase I clinical trial, with weight loss percentages ranging from -3.24% to -8.30% depending on dosage, indicating a dose-dependent effect [1][14]. - The company is expected to see a gradual commercialization of its key products, particularly the weight loss drug BGM0504, which is currently in Phase II clinical trials and is anticipated to release data in Q3 2024 [1][3]. Financial Projections - The company’s revenue is projected to grow from 1,180 million in 2024 to 1,748 million in 2026, with year-on-year growth rates of 12.94% and 15.31% respectively [15]. - The net profit attributable to the parent company is expected to increase from 202 million in 2024 to 309 million in 2026, with a growth rate of 19.81% in 2026 [15]. - Earnings per share (EPS) are forecasted to be 0.52, 0.61, and 0.73 for the years 2024, 2025, and 2026 respectively [15][14].