福元医药：Q3收入环比持续增长，研发保持高投入

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8][9]. Core Insights - The company reported a revenue of 2.547 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 3.42%. The net profit attributable to shareholders was 401 million yuan, up 5.59% year-over-year [2]. - In Q3 2024, the company achieved a revenue of 892 million yuan, reflecting a year-over-year growth of 7.02% and a quarter-over-quarter increase of 4.57%. However, the net profit for Q3 decreased by 14.74% year-over-year [2]. - The company continues to invest heavily in research and development, with a R&D expense ratio of 12.13% in Q3 2024, an increase of 2.05 percentage points year-over-year [2]. Financial Performance Summary - The company’s projected revenues for 2024, 2025, and 2026 are 3.501 billion yuan, 3.780 billion yuan, and 4.083 billion yuan, respectively, with year-over-year growth rates of 4.83%, 7.96%, and 8.03% [3][4]. - The net profit attributable to shareholders is forecasted to be 519 million yuan, 593 million yuan, and 659 million yuan for the years 2024, 2025, and 2026, with growth rates of 6.26%, 14.12%, and 11.25% respectively [3][4]. - The company’s gross margin in Q3 2024 was 67.82%, an increase of 2.10 percentage points year-over-year, while the net margin was 12.52%, a decrease of 3.18 percentage points [2]. Research and Development Pipeline - The company has a robust pipeline with 85 projects in generic drug formulations and 4 projects in medical devices. It has submitted 44 applications for drug approvals, with 12 already approved, and expects to gain 10-20 new approvals by the end of 2024 [2].