KHPG(SZ:002773) Huafu Securities·2024-10-27 08:10Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company reported a revenue of 34.1 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.8%, and a net profit of 9.7 billion yuan, up 18.0% year-on-year [1] - The company continues to increase its R&D investment, with the biopharmaceutical segment achieving a revenue of 18.3 billion yuan, a year-on-year growth of 25.4% [2] - The company is focusing on innovative drugs in ophthalmology and neurology, with several products expected to yield data in the coming years [2] Financial Performance Summary - For 2024, the company forecasts revenue growth rates of 20%, 15%, and 14% for the years 2024, 2025, and 2026 respectively, with net profit growth rates of 21%, 17%, and 14% for the same years [3] - The earnings per share (EPS) are projected to be 1.37 yuan, 1.61 yuan, and 1.84 yuan for the years 2024, 2025, and 2026 respectively [3] - The company maintained a gross margin of 90.0% and a net margin of 24.9% in Q3 2024, indicating strong profitability [2] R&D Progress - The company is advancing its R&D projects in ophthalmology and neurology, with two gene therapy products in clinical phase I and a high-concentration version of its main product also in clinical phase I [2] - In the neurology sector, products for treating Alzheimer's disease and anxiety are in clinical phase III, while a depression treatment is in clinical phase I [2]