亿帆医药：公司简评报告：业绩反转趋势确立，重点关注创新药国内外放量进程

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company is expected to continue its high growth trajectory in the second half of 2024, primarily driven by the commercialization of its innovative drug, Yilishu®, which is anticipated to see rapid sales growth following its inclusion in the medical insurance directory [7][17]. - The company's revenue forecasts for 2024 to 2026 are projected at 53.33 billion, 63.62 billion, and 72.99 billion yuan, with year-on-year growth rates of 31.1%, 19.3%, and 14.7% respectively [2][18]. - The net profit attributable to shareholders is expected to reach 5.07 billion, 7.63 billion, and 10.31 billion yuan for the same period, reflecting growth rates of 50.4% and 35.2% [2][18]. - The report highlights that the company's profit structure is improving, with the growth in sales outpacing the increase in expenses, driven by both existing and new proprietary products [17]. Financial Summary - The company's total assets are projected to increase from 11,500 million yuan in 2023 to 14,814 million yuan by 2026 [3]. - The operating income for 2024 is expected to be 5,333 million yuan, with a significant increase in operating profit from -883 million yuan in 2023 to 583 million yuan in 2024 [18]. - The earnings per share (EPS) is forecasted to improve from -0.45 yuan in 2023 to 0.84 yuan by 2026 [18].