亿帆医药：Q3业绩符合预期，净利率改善明显

Investment Rating - The report maintains a "Buy" investment rating for Yifan Pharmaceutical (002019) with a target price based on the last closing price of 11.96 [1][4]. Core Insights - Q3 performance met expectations with a significant improvement in net profit margin. The company reported a revenue of 12.26 billion yuan for Q3, representing a year-over-year increase of 24.32%, and a net profit of 1.13 billion yuan, reflecting a year-over-year growth of 196.33% [1][4]. - The growth in performance is attributed to increased revenue from new and existing pharmaceutical products, as well as higher government subsidies and income from transferring drug agency rights [1][4]. - The company has effectively controlled sales expenses, leading to a noticeable improvement in net profit margin. The gross margin for Q1-Q3 2024 was 47.65%, while the net margin was 7.98%, showing an increase of 4.53 percentage points year-over-year [1][4]. - The global commercialization of innovative drugs is actively progressing, which is expected to drive future performance. The drug Yilishu has been approved for sale in China, the US, and the EU, with anticipated sales exceeding 5 billion yuan in 2024 [1][4]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 38.58 billion yuan, a year-over-year increase of 31.67%, and a net profit of 3.66 billion yuan, up 149.50% year-over-year [1][4]. - The projected revenues for 2024-2026 are 53.09 billion yuan, 64.17 billion yuan, and 74.23 billion yuan, with respective year-over-year growth rates of 30.51%, 20.86%, and 15.68% [4][6]. - The expected net profits for the same period are 5.06 billion yuan, 6.77 billion yuan, and 8.60 billion yuan, with year-over-year growth rates of 191.88%, 33.77%, and 26.95% [4][6].