Sunshine Guojian Pharmaceutical(688336) KAIYUAN SECURITIES·2024-10-23 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved steady growth in sales of its listed products, with a revenue of 939 million yuan for the first three quarters of 2024, representing a year-on-year increase of 28.58%. The net profit attributable to the parent company reached 233 million yuan, up 42.18% year-on-year [3] - The company has a robust pipeline with 14 autoimmune projects underway, including 5 in Phase III clinical trials. The SLE new project has received IND approval in the US, indicating strong future growth potential [5] Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 343 million yuan, a year-on-year increase of 35.60% and a quarter-on-quarter increase of 3.96%. The net profit attributable to the parent company was 104 million yuan, up 49.71% year-on-year and 169.69% quarter-on-quarter [3] - The company has adjusted its revenue forecasts for 2024-2026, now expecting revenues of 1.305 billion, 1.398 billion, and 1.706 billion yuan respectively, with net profits of 700 million, 290 million, and 395 million yuan [3][6] Product Performance - The company currently has three listed products: Yisaipu, Saiputing, and Jianipai, which have shown strong market performance. The total revenue from these products for the first three quarters of 2024 was approximately 778 million yuan, a year-on-year increase of 19.34% [4] - Yisaipu's domestic sales revenue for H1 2024 was 330 million yuan, reflecting a year-on-year growth of 9.4%. The pre-filled syringe formulation has improved patient compliance and acceptance [4] Research and Development - The company is advancing its clinical projects, with SSGJ-608 for moderate to severe plaque psoriasis completing Phase III trials and expected to file for NDA in H2 2024. Additionally, SSGJ-626 targeting SLE has received IND approval in the US [5]