恩华药业：业绩符合预期，新品放量加速发展节奏

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance in Q3 2024 met expectations, with revenue growth driven by new products such as oxycodone, remifentanil, sufentanil, alfentanil, TRV130, and antipsychotic drug anetatan [2][3]. - The profit growth rate outpaced revenue growth, with a quarter-on-quarter increase of 7.58% from Q2 to Q3 [2]. - The company is solidifying its leadership position in the central nervous system medication market through self-research and business development [2]. Financial Performance - For the first three quarters of 2024, the company achieved revenue of 4.145 billion yuan, a year-on-year increase of 13.39%, and a net profit attributable to shareholders of 1.020 billion yuan, up 15.18% year-on-year [1][2]. - In Q3 alone, revenue reached 1.382 billion yuan, a 10.07% increase year-on-year, with a net profit of 391 million yuan, reflecting a 14.74% year-on-year growth [1][2]. - The sales expense ratio for Q1-Q3 was 30.19%, with an absolute amount of 1.252 billion yuan, up 13.65% year-on-year [2]. Earnings Forecast and Valuation - The company is expected to achieve net profits of 1.197 billion yuan, 1.412 billion yuan, and 1.704 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 15.4%, 17.9%, and 20.7% [2][3]. - Corresponding P/E ratios are projected to be 23x, 19x, and 16x for the same years [2].