佐力药业：三季度持续高增长，股权激励彰显信心

Investment Rating - The report maintains a "Buy" rating for Zhaoli Pharmaceutical, indicating a strong performance relative to the market [5][7]. Core Insights - Zhaoli Pharmaceutical reported a revenue of 2.045 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 39.59%. The net profit attributable to the parent company was 421 million yuan, up 46.93% year-on-year [5][6]. - The company’s product line, particularly the Wuling series, continues to show rapid growth, with Wuling capsule sales increasing by 30.24% in quantity and 22.67% in revenue year-on-year [6][7]. - The company has introduced an equity incentive plan, granting up to 6.605 million restricted shares, which reflects confidence in future performance and aims for significant net profit growth over the next few years [7][8]. Financial Summary - For 2024, the total revenue is projected to reach 2.506 billion yuan, with a year-on-year growth rate of 29.0%. The net profit is expected to be 550 million yuan, reflecting a growth rate of 43.7% [9][10]. - The earnings per share (EPS) for 2024 is estimated at 0.78 yuan, with a projected price-to-earnings (PE) ratio of 22x [9][10]. - The company’s gross margin is expected to be 70.9% in 2024, with a return on equity (ROE) of 18.6% [9][10].