亿帆医药：24Q3利润再超预期，全球化步伐加速

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.858 billion yuan in Q3 2024, representing a year-on-year increase of 31.67%, with a net profit attributable to shareholders of 366 million yuan, up 149.50% year-on-year [1] - The company is accelerating its globalization efforts, with the launch of its innovative drug Ryzneuta® in the European market [1] - The company has shown significant improvement in operational efficiency, leading to a reduction in expense ratios despite a slight decline in gross margin [1] Financial Performance Summary - Revenue for 2024 is projected to be 51.1 billion yuan, with year-on-year growth rates of 25.6%, 18.9%, and 7.1% for 2025 and 2026 respectively [2][5] - The net profit attributable to shareholders is expected to reach 5.5 billion yuan in 2024, with a staggering year-on-year growth of 199.6% [2][5] - The gross margin is forecasted to improve from 47.8% in 2023 to 52.8% by 2026 [2][5] Cash Flow and Balance Sheet Summary - Operating cash flow is expected to increase significantly, reaching 1.317 billion yuan by 2026 [3] - Total assets are projected to grow from 115 billion yuan in 2023 to 136.48 billion yuan in 2026 [4] - The company’s total liabilities are expected to remain stable, with a slight increase from 3.245 billion yuan in 2023 to 3.702 billion yuan in 2026 [4] Key Financial Ratios - The company’s return on equity (ROE) is projected to improve from -6.7% in 2023 to 9.8% by 2026 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 23.95 in 2024 to 13.27 by 2026, indicating a more attractive valuation over time [5] - The debt-to-asset ratio is projected to increase slightly from 28.2% in 2023 to 30.5% in 2024, before stabilizing [5]