Gan & Lee(SH:603087) Minsheng Securities·2024-10-25 08:00Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Viewpoints - The company achieved a revenue of 930 million yuan in Q3 2024, representing a year-on-year growth of 37.61%, and a net profit attributable to the parent company of 208 million yuan, up 57.47% year-on-year [2]. - Domestic revenue continues to grow steadily, with Q3 domestic revenue reaching 680 million yuan, a 22.25% increase compared to the same period last year, primarily due to price increases of the company's formulation products [2]. - The company actively expanded into overseas markets, with international sales revenue for the first three quarters reaching 242 million yuan, a 37.63% increase year-on-year, and Q3 sales revenue growing by 72.10% year-on-year [2]. - The company's pipeline research and development is progressing steadily, with promising data for key products such as GZR18, GZR4, and GZR101, showing superior efficacy compared to competitors in clinical trials [2]. - The company is expected to achieve revenues of 3.321 billion yuan, 4.753 billion yuan, and 5.743 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 655 million yuan, 1.215 billion yuan, and 1.541 billion yuan, corresponding to PE ratios of 47, 26, and 20 times [2][5]. Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported a revenue of 930 million yuan, with a net profit of 208 million yuan, marking significant year-on-year growth [2]. - For the first three quarters of 2024, domestic sales revenue was 1.868 billion yuan, an increase of 239 million yuan year-on-year, with domestic formulation sales contributing 1.802 billion yuan [2]. - The company’s international sales revenue for the first three quarters was 242 million yuan, reflecting a 37.63% increase year-on-year [2]. R&D Progress - The company’s key products in the pipeline include GZR18, GZR4, and GZR101, with GZR18 showing superior efficacy in reducing HbA1c and body weight compared to Semaglutide in clinical trials [2]. - The company’s ultra-long-acting insulin GZR4 also demonstrated better efficacy in lowering HbA1c compared to Degludec in its clinical trials [2]. Future Projections - The company is projected to achieve revenues of 3.321 billion yuan in 2024, 4.753 billion yuan in 2025, and 5.743 billion yuan in 2026, with corresponding net profits of 655 million yuan, 1.215 billion yuan, and 1.541 billion yuan [5][6].