泽璟制药：收入增长稳健，创新产品积极推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown steady revenue growth and is actively advancing innovative products [2] - Significant improvements in efficiency and quality have been achieved, with a focus on core pipeline development [2] - The company is expected to enter a new growth phase with upcoming innovative products [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 384 million yuan, a year-on-year increase of 36.16%, with a net profit attributable to shareholders of -98 million yuan, indicating a narrowing loss [1] - In the third quarter of 2024 alone, revenue reached 143 million yuan, a year-on-year increase of 130.67%, with a net profit attributable to shareholders of -31 million yuan, also showing a narrowing loss [1] - Research and development expenses for the first three quarters of 2024 were 273 million yuan, down 18.62% year-on-year, while sales expenses increased by 10.15% to 190 million yuan [2] Future Growth Potential - The company has several innovative products in the pipeline, including Donafenib, which has entered 1,081 hospitals and is gradually expanding its market share [3] - Other products such as recombinant human thrombin and JAK inhibitors are in various stages of clinical trials and regulatory approval, indicating a robust pipeline [3][4] - Early data from innovative pipelines show promising results, providing a competitive advantage globally [4] Earnings Forecast - The company is projected to achieve total revenues of 548 million yuan, 1.15 billion yuan, and 1.96 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 41.79%, 109.33%, and 70.60% [5] - The net profit attributable to shareholders is expected to be -121 million yuan in 2024, turning positive in 2025 with a profit of 76 million yuan, and reaching 368 million yuan in 2026 [5] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 219.39 for 2025 and 44.98 for 2026, reflecting the anticipated growth [5]