毕得医药：收入平稳增长，海外业务有望持续发力

Investment Rating - The report maintains a "Buy" rating for the company, with a target market price of 29.10 [1][2]. Core Insights - The company is expected to experience stable revenue growth, with overseas business likely to continue gaining momentum. The revenue for 2024 is projected to be 11.49 billion, reflecting a growth rate of 5.26% [3][4]. - The company has been expanding its product offerings, with a focus on new drug molecular blocks and increasing its presence in overseas markets, which accounted for approximately 56.24% of total revenue in the first half of 2024 [3][4]. - Despite a stable revenue outlook, the company faces pressure from rising expenses, which have impacted profit margins. The net profit for 2024 is expected to be 1.19 billion, with a growth rate of 8.86% [3][4]. Financial Performance Summary - Revenue Forecast: - 2022A: 833.83 million - 2023A: 1,091.86 million - 2024E: 1,149.33 million - 2025E: 1,286.15 million - 2026E: 1,480.19 million - Growth rates: 37.55% (2022A), 30.94% (2023A), 5.26% (2024E), 11.90% (2025E), 15.09% (2026E) [1][3]. - Net Profit Forecast: - 2022A: 145.97 million - 2023A: 109.57 million - 2024E: 119.28 million - 2025E: 138.32 million - 2026E: 166.36 million - Growth rates: 49.60% (2022A), -24.94% (2023A), 8.86% (2024E), 15.96% (2025E), 20.27% (2026E) [1][3]. - Earnings Per Share (EPS): - 2022A: 1.61 - 2023A: 1.21 - 2024E: 1.31 - 2025E: 1.52 - 2026E: 1.83 [1][3]. - Valuation Ratios: - P/E: 18.12 (2022A), 24.14 (2023A), 22.17 (2024E), 19.12 (2025E), 15.90 (2026E) - P/B: 1.27 (2022A), 1.27 (2023A), 1.24 (2024E), 1.17 (2025E), 1.09 (2026E) [1][3].