KEXING BIOPHARM CO.(SH:688136)2024-10-30 10:41Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Views - The company reported a revenue of 1.038 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.15%. The net profit attributable to the parent company was 17.18 million yuan, up 131.63% year-on-year, exceeding expectations [7]. - The company is accelerating its overseas commercialization efforts, with significant progress in emerging markets. Notable achievements include the first shipment of infliximab to Peru and successful GMP inspections for various products in multiple countries [7][10]. - The report highlights the strong growth in export business and improved operational efficiency as key factors for the company's better-than-expected performance [9]. Financial Summary - For 2024E, the company is projected to achieve total revenue of 1.519 billion yuan, with a year-on-year growth rate of 20.7%. The net profit attributable to the parent company is expected to be 20 million yuan [6][12]. - The gross margin is forecasted to be 72.1% in 2024, with a gradual increase to 73.0% by 2026 [6]. - The report indicates that the company's earnings per share (EPS) will improve from -0.96 yuan in 2023 to 0.10 yuan in 2024, and further to 1.03 yuan by 2026 [6][12].