Haisco(SZ:002653) Guoxin Securities·2024-10-31 06:58Investment Rating - The investment rating for the company is "Outperform the Market" [5][8][12] Core Views - The company achieved a 90% year-on-year growth in net profit attributable to shareholders in the first three quarters of 2024, with revenue reaching 2.751 billion yuan, a 15.4% increase year-on-year [1][6] - The company has successfully launched two innovative drug products, which are expected to contribute significantly to future revenue [3][8] - The company maintains a strong pipeline with several products in various stages of clinical trials, indicating a robust growth potential [3][8] Financial Performance - In Q1-Q3 2024, the company reported revenue of 2.751 billion yuan, with quarterly revenues of 752 million yuan, 935 million yuan, and 1.065 billion yuan, reflecting year-on-year growth rates of 20.6%, 25.3%, and 5.0% respectively [1][6] - The net profit attributable to shareholders for the same period was 382 million yuan, with quarterly profits of 92 million yuan, 73 million yuan, and 217 million yuan, showing year-on-year growth rates of 219.9%, 57.1%, and 72.8% respectively [1][6] - The gross margin for the first three quarters of 2024 was 72.6%, an increase of 1.5 percentage points year-on-year, attributed to a higher revenue share from innovative drug products [2][8] Future Projections - The company is projected to achieve net profits of 451 million yuan, 659 million yuan, and 916 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 87, 60, and 43 [3][4][8] - The company is expected to participate in the end-of-year medical insurance negotiations for its newly approved products, which could further enhance revenue [3][8]