EASTONBIOPHARMACEUTICALS(SH:688513) KAIYUAN SECURITIES·2024-10-27 11:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown impressive performance with a revenue of 1.04 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 22.38%. The net profit attributable to shareholders reached 217 million yuan, up 12.03% year-on-year [4] - The company is focused on the anesthesia and analgesia sector, with strong market competitiveness and leading market shares in several key products [5] - The company is expanding its overseas business, with recent FDA approvals for its products, which opens up significant growth opportunities [6] Financial Performance Summary - For Q1-Q3 2024, the company reported a gross margin of 77.55% (down 3.63 percentage points) and a net margin of 20.87% (down 1.93 percentage points) [4] - The company has forecasted net profits for 2024-2026 to be 272 million, 331 million, and 403 million yuan respectively, with corresponding EPS of 1.54, 1.87, and 2.28 yuan [4] - The current price-to-earnings (P/E) ratios are projected to be 23.8, 19.6, and 16.1 for the years 2024, 2025, and 2026 respectively [4] Market Position and Product Development - The company’s products, including various injection solutions, rank among the top three in market share according to data from the Minet network [5] - The company is actively advancing its product pipeline, with new products receiving regulatory approvals in 2024 [5][6] Growth Potential - The company’s recent FDA approvals for its products mark a significant step in its international expansion strategy, which is expected to contribute to substantial revenue growth [6]