Gan & Lee(603087) 东方证券·2024-10-28 07:14Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 72.58 yuan based on a projected P/E ratio of 38 times for 2025 [2]. Core Insights - The company achieved excellent performance in Q3 2024, with revenue of 930 million yuan, a year-on-year increase of 37.6%, and a net profit attributable to the parent company of 210 million yuan, up 57.5% year-on-year [1]. - Domestic sales showed steady growth, with a revenue of 680 million yuan in Q3, reflecting a 22.3% increase year-on-year, while international sales reached 120 million yuan, growing by 72.1% [1]. - The company successfully participated in national drug procurement, leading to a significant increase in domestic formulation sales, which totaled 1.8 billion yuan in the first three quarters of 2024, marking a 13.9% increase [1]. - The expansion into emerging markets has yielded significant results, with successful orders in Algeria and progress in the European and American markets [1]. - Profitability has improved, with a gross margin of 78.05% and a net margin of 22.4% in Q3, both showing increases compared to the previous year [1]. Financial Summary - The company's revenue for 2022 was 1.712 billion yuan, with a projected increase to 3.594 billion yuan in 2024, representing a year-on-year growth of 37.8% [4]. - The net profit attributable to the parent company is expected to rise from 340 million yuan in 2023 to 644 million yuan in 2024, reflecting an increase of 89.5% [4]. - The earnings per share are projected to be 1.07 yuan in 2024, increasing to 2.40 yuan by 2026 [2][4].