上海医药：CSO同比增长176%，打造开源创新生态

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a revenue of 209.63 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 6.14%. The revenue for Q3 2024 was 70.22 billion yuan, with a year-on-year increase of 8.16% [2][3]. - The pharmaceutical manufacturing revenue decreased by 12.10% to 18.28 billion yuan, while the pharmaceutical commercial revenue increased by 8.28% to 191.35 billion yuan [3]. - The company has 60 clinical pipelines, with 46 innovative drugs, including three in Phase II clinical trials in the United States [3]. - The CSO (Contract Sales Organization) business saw a significant growth of 176.3%, generating approximately 6.1 billion yuan in sales [3]. - The company is focused on building an innovative ecosystem by collaborating with top universities and research institutions [3]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved revenues of 209.63 billion yuan, with net profit attributable to shareholders of 4.05 billion yuan, and a non-dedicated net profit of 3.69 billion yuan, reflecting year-on-year growth rates of 6.14%, 6.78%, and 11.56% respectively [2]. Operational Analysis - The company is advancing its innovative drug pipeline and has established partnerships with various research institutions to enhance its research capabilities [3]. - The CSO business has shown remarkable growth, indicating a successful strategy in expanding its market presence [3]. Profit Forecast, Valuation, and Rating - The revenue forecasts for 2024, 2025, and 2026 are projected at 276.23 billion yuan, 303.85 billion yuan, and 338.80 billion yuan, respectively, with expected growth rates of 6%, 10%, and 12% [3]. - The net profit attributable to shareholders is expected to reach 5 billion yuan, 6.1 billion yuan, and 7.31 billion yuan for the same years, with growth rates of 34%, 21%, and 20% respectively [3].