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博瑞医药:2024年三季报点评:0504降糖减重数据优秀,原料药制剂业务稳健

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company achieved a revenue of 977 million yuan in the first three quarters of 2024, representing a year-on-year growth of 6.77%. However, the net profit attributable to shareholders decreased by 7.50% to 177 million yuan [2]. - The BGM0504 clinical trial data showed promising results, with significant weight loss and improved glycemic control in participants. The drug is progressing to Phase III clinical trials [2]. - The company is expanding its raw material and formulation production capacity to meet the demand for innovative drugs and difficult-to-generate formulations [2]. Financial Forecasts - The projected revenues for 2024, 2025, and 2026 are 1.339 billion yuan, 1.529 billion yuan, and 1.762 billion yuan, respectively, with growth rates of 13.6%, 14.2%, and 15.2% [3][5]. - The net profit attributable to shareholders is expected to be 211 million yuan in 2024, 237 million yuan in 2025, and 268 million yuan in 2026, with growth rates of 4.0%, 12.4%, and 13.0% [3][5]. - The company’s PE ratios are projected to be 61, 54, and 48 for the years 2024, 2025, and 2026, respectively [3][5]. Clinical Development - The BGM0504 injection for weight loss and type 2 diabetes treatment has met its expected goals in Phase II clinical trials, with significant reductions in body weight and waist circumference observed [2]. - The company has received ethical approval for the Phase III clinical trial for the weight loss indication, and the first participant has been enrolled [2]. Production Capacity Expansion - The company is expanding its production facilities, including the completion of various construction phases for raw material and formulation production bases [2].