苑东生物：主营业务增长加速，创新+国际化持续催化

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][6]. Core Views - The company has accelerated its main business growth, with a revenue of 1.04 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 22.38%. The net profit attributable to the parent company reached 217 million yuan, up 12.03% year-on-year [3][6]. - The company is expected to continue benefiting from its innovative pipeline and international expansion, with significant catalysts anticipated in the near term [3][6]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 1.04 billion yuan (+22.38%) and a net profit of 217 million yuan (+12.03%). The net profit after deducting non-recurring items was 168 million yuan (+14.92%), with a year-on-year growth of 21.85% after excluding stock incentive expenses [3][6]. - In Q3 2024, the company reported a revenue of 370 million yuan (+25.81%) and a net profit after deducting non-recurring items of 54 million yuan (+16.72%), with a year-on-year growth of 31.64% after excluding stock incentive expenses [3][6]. - The company’s revenue projections for 2024-2026 are 1.45 billion yuan, 1.82 billion yuan, and 2.27 billion yuan, respectively, with net profit expectations of 289 million yuan, 364 million yuan, and 457 million yuan [4][6]. - The company’s gross margin is projected to be around 79.7% in 2024, with a net margin of 19.9% [4][6]. Innovation and Internationalization - The company is advancing its innovative pipeline, with promising data from the Phase III clinical trial of its small molecule drug, and plans to submit a New Drug Application (NDA) for its morphine and naloxone sustained-release capsules in the second half of 2024 [3][6]. - The company is focusing on internationalizing its formulations, particularly in the opioid detoxification and emergency medication sectors, with two products receiving FDA approval for the U.S. market [3][6].