KEXING BIOPHARM CO.(SH:688136) Ping An Securities·2024-10-27 05:11Investment Rating - The investment rating for Kexing Pharmaceutical is "Recommended (Maintain)" [2][7] Core Views - The company's revenue for the first three quarters of 2024 reached 1.038 billion yuan, an increase of 7.15%, while the net profit attributable to shareholders was 17 million yuan, up 131.63% [5][6] - The company is focusing on the overseas market, with significant growth in sales of its biological drugs, particularly the albumin paclitaxel, which has received EU approval and is experiencing increasing sales orders [6][7] - The reduction in sales and R&D expense ratios has contributed to the continuous recovery of the company's profitability [6][7] Summary by Sections Financial Performance - For the first three quarters of 2024, Kexing Pharmaceutical achieved a revenue of 1.038 billion yuan, a year-on-year increase of 7.15%, and a net profit of 17 million yuan, reflecting a growth of 131.63% [5][6] - The company’s sales expense ratio decreased by 12.23 percentage points to 43.15%, while the R&D expense ratio fell by 6.45 percentage points to 10.93% [6] Market Expansion - The company’s overseas sales revenue reached 149 million yuan, a year-on-year increase of 47%, with domestic cooperative product revenue growing by 80% compared to the same period last year [6] - Kexing has signed contracts for 13 new products with over 40 countries and is actively submitting registration applications [6][7] Future Outlook - Revenue forecasts for 2024, 2025, and 2026 are projected at 1.568 billion yuan, 2.071 billion yuan, and 2.692 billion yuan, respectively, with net profit estimates of 35 million yuan, 118 million yuan, and 257 million yuan [7] - The company is advancing multiple projects in clinical trials, including two in Phase III, which are expected to support future growth [7]