Aurisco(605116) 开源证券·2024-10-25 09:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company has experienced rapid growth in the first three quarters of 2024, with a revenue of 1.088 billion yuan, representing a year-on-year increase of 17.97%. The net profit attributable to the parent company reached 284 million yuan, up 22.04% year-on-year, and the non-recurring net profit was 282 million yuan, reflecting a significant increase of 44.5% [3][4]. - The company's formulation business is expanding quickly, with the recent approval of various products expected to contribute to future growth. The company is enhancing its distribution network and academic team to improve market penetration [4][5]. - Due to significant export revenue and exchange rate fluctuations, the company's profit forecast has been adjusted downward for 2024-2026, with expected net profits of 391 million, 510 million, and 678 million yuan respectively [3][4]. Financial Summary - For the first three quarters of 2024, the company reported a gross margin of 58.22% (up 2.58 percentage points) and a net margin of 26.08% (up 0.85 percentage points) [3]. - The company's revenue and profit projections for the next few years indicate a strong growth trajectory, with expected revenues of 1.657 billion yuan in 2024, 2.184 billion yuan in 2025, and 2.710 billion yuan in 2026, reflecting year-on-year growth rates of 31.2%, 31.8%, and 24.1% respectively [6][7]. - The company's P/E ratios are projected to decrease from 24.6 in 2024 to 14.2 in 2026, indicating an attractive valuation as earnings grow [3][6].