卫光生物：Q3利润端增速亮眼，经营稳步推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported a revenue of 854 million yuan for Q3 2024, representing a year-on-year increase of 16.14%, and a net profit attributable to shareholders of 183 million yuan, up 20.8% year-on-year [1] - The company has a diverse product range, including 11 types of products and 23 specifications, with human albumin and immunoglobulin being the main revenue sources, accounting for over 70% of total revenue [1] - The acquisition by China National Pharmaceutical Group is expected to bring new opportunities and resources, enhancing the company's competitiveness and innovation capabilities in the biopharmaceutical sector [1] Financial Performance Summary - For 2023, the company achieved a revenue of 1,049 million yuan, with a projected revenue of 1,149 million yuan for 2024, reflecting a growth of 9.6% [3][5] - The net profit attributable to shareholders for 2023 was 219 million yuan, with an expected increase to 236 million yuan in 2024, indicating a growth of 7.8% [3][5] - The gross margin for 2024 is projected to be 42.0%, an increase from 41.3% in 2023 [3][5] Cash Flow and Balance Sheet Summary - The operating cash flow for 2023 was 398 million yuan, with a significant drop expected to 25 million yuan in 2024 [4] - Total assets are projected to grow from 2,877 million yuan in 2023 to 3,115 million yuan in 2024 [4] - The company’s total liabilities are expected to remain stable at around 842 million yuan in 2024 [4]