特宝生物：公司研究报告：三季度业绩增长稳健，派格宾持续放量

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Insights - The company reported a robust growth in Q3 2024, achieving revenue of 765 million yuan, a year-on-year increase of 37.52% and a quarter-on-quarter increase of 18.68%. This growth is primarily driven by the increasing recognition of its core product, Pegasys, in improving clinical cure rates for hepatitis B and significantly reducing the risk of liver cancer [5][6] - The net profit attributable to the parent company for Q3 2024 was 250 million yuan, reflecting a year-on-year increase of 49.83% and a quarter-on-quarter increase of 42.31%. This improvement is attributed to revenue growth and enhanced operational management, leading to a reduction in overall expense ratios and an increase in profitability [5] - The company has maintained a stable gross margin of 93.34%, with a slight year-on-year decrease of 1.3 percentage points, while the net profit margin increased by 2.68 percentage points to 32.66% [5] - The company is expected to enter a phase of accelerated growth for its core product, with significant scale effects leading to rapid increases in both revenue and profit [5] Financial Performance and Forecast - The company’s revenue is projected to grow from 2.1 billion yuan in 2023 to 6.03 billion yuan in 2026, with year-on-year growth rates of 34.0%, 49.0%, and 43.7% for the subsequent years [8] - The net profit is forecasted to increase from 555 million yuan in 2023 to 1.85 billion yuan in 2026, with year-on-year growth rates of 45.8%, 53.4%, and 49.0% [8] - The earnings per share (EPS) are expected to rise from 1.37 yuan in 2023 to 4.55 yuan in 2026 [8] - The company maintains a high gross margin, projected at 94.6% in 2024, and a net asset return rate of 30.1% [8] Valuation - The company is assigned a PEG ratio of 0.75-0.98, corresponding to a price-to-earnings (PE) ratio of 37-48 times for 2024, with a reasonable value range estimated between 73.63 and 95.52 yuan [5][6]