甘李药业：胰岛素国采续标量价齐升，海外市场拓展不断突破

Investment Rating - The report maintains a "Buy" rating for the company [3][2]. Core Views - The company reported a revenue of 2.245 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.81%. The net profit attributable to shareholders reached 507 million yuan, up 90.36% year-on-year [1]. - The increase in domestic revenue is driven by the price increase of insulin products under national procurement, with a revenue increase of 150 million yuan attributed to price hikes in the first three quarters [1]. - The company has successfully expanded its international market presence, with international sales revenue growing by 37.63% year-on-year in the first three quarters and 72.10% in Q3 alone [2]. Financial Performance Summary - For Q1-Q3 2024, the gross margin was 75.36%, an increase of 0.61 percentage points year-on-year. The R&D expense ratio decreased by 1.44 percentage points to 17.97% [1]. - The company expects net profits for 2024, 2025, and 2026 to be 625 million, 1.192 billion, and 1.489 billion yuan, respectively, with corresponding P/E ratios of 48.3, 25.3, and 20.2 [2][6]. - The domestic sales revenue for Q1-Q3 2024 was 1.868 billion yuan, a year-on-year increase of 14.64%, while international sales revenue was 242 million yuan, up 37.63% [1].