丽珠集团：利息收入减少，期待大品种陆续获批

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company reported a revenue decline of 5.94% year-on-year for the first three quarters of 2024, totaling 9.082 billion yuan, while net profit increased by 4.44% to 1.673 billion yuan [1] - The decrease in revenue is attributed to the new price negotiations for the Aiprazole injection under the medical insurance policy, which is still being digested [1] - The company anticipates the approval of major products, which is expected to drive long-term growth [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.799 billion yuan, down 5.59% year-on-year, while net profit rose by 7.45% to 502 million yuan [1] - The revenue from chemical preparations decreased by 8.52% to 4.714 billion yuan, with significant declines in the digestive system segment [1] - The company’s gross profit margin for Q1-3 2024 was 65.81%, an increase of 1.88 percentage points year-on-year [1] Segment Performance - The revenue from the chemical preparations segment was 4.714 billion yuan, with a notable decline in the digestive system products [1] - The biopharmaceutical segment saw a revenue increase of 15.98% to 131 million yuan, while diagnostic reagents and equipment grew by 21.03% to 566 million yuan [1] Profitability Forecast and Valuation - The report projects net profits for 2024, 2025, and 2026 to be 2.058 billion yuan, 2.231 billion yuan, and 2.536 billion yuan respectively, with growth rates of 5.3%, 8.4%, and 13.7% [1][2] - The corresponding price-to-earnings ratios are estimated at 17x, 16x, and 14x for the respective years [1]