JINGXIN(002020) KAIYUAN SECURITIES·2024-10-30 06:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The effects of marketing reforms are continuously evident, and innovative drugs are driving incremental growth. The company is expected to maintain its profit forecast, with projected net profits for 2024-2026 being 692 million, 800 million, and 927 million yuan, respectively. The corresponding EPS is expected to be 0.80, 0.93, and 1.08 yuan, with current stock prices reflecting PE ratios of 13.3, 11.5, and 10.0 times [1][2] Financial Performance Summary - For the first three quarters of 2024, the company's revenue reached 3,209 million yuan, representing a year-on-year increase of 9.68%. The net profit attributable to the parent company was 575 million yuan, up by 21.66%. The gross margin was 51.11%, and the net margin was 18.09% [2][3] - The company's R&D expense ratio was 8.40% [1] - In Q3 2024, the gross margin was 50.16%, with a net margin of 16.50% [1] Business Development Summary - The company is seeing significant growth in its finished drug marketing reform, with a 92% increase in outpatient finished drug revenue and a 27% increase in foreign trade for the first three quarters of 2024. The medical device business also grew rapidly, with Q3 2024 single-quarter revenue of 168 million yuan, a year-on-year increase of 15.4% [3] - The company is advancing its "combination of innovation and imitation" strategy, focusing on innovative drugs in the fields of mental health and cardiovascular treatments. The first new drug for insomnia, JX11502MA, was officially shipped on March 25, 2024, and the company is actively negotiating for medical insurance coverage [4]