丽珠集团2024Q3点评：业绩短期承压，研发管线加速推进

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 43.96 CNY, unchanged from the previous forecast [3][4]. Core Insights - The company is experiencing short-term pressure in the digestive field, but innovative products are expected to offset the impact of centralized procurement. The annual profit is adjusted to a single-digit growth due to declines in key products like Esomeprazole and interest income [4][6]. - The company has actively pursued stock buybacks to enhance investor confidence [4][6]. - Revenue for Q1-Q3 2024 reached 9.082 billion CNY, down 5.9%, while net profit attributable to shareholders was 1.673 billion CNY, up 4.4% [6]. Financial Summary - For Q3 2024, the company reported revenue of 2.799 billion CNY, a decrease of 5.6%, and a net profit of 502 million CNY, an increase of 7.5% [6]. - The company has adjusted its EPS forecasts for 2024-2026 to 2.24, 2.45, and 2.78 CNY respectively, down from previous estimates [6]. - The total market capitalization is approximately 34.768 billion CNY, with a total share capital of 927 million shares [6]. Business Segment Performance - The chemical preparation business generated 1.49 billion CNY in revenue for Q3, down 10.9%, with the digestive field contributing 553 million CNY, a decline of 15.4% [6]. - The traditional Chinese medicine segment achieved 296 million CNY in revenue, a slight increase of 1.1% [6]. - The raw materials and intermediates segment reported 760 million CNY in revenue, down 5.6%, while diagnostic reagents and equipment generated 172 million CNY, up 1.2% [6]. Innovation and Development - The company is advancing its innovative drug pipeline, with several products expected to contribute to revenue growth in the near future [4][6]. - The approval of new indications for existing drugs is anticipated to drive future sales, particularly in the hormone therapy and psychiatric medication sectors [6].