丽珠集团：制剂放量略慢，潜在大单品有望获批

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Views - The company reported a revenue of 9.082 billion yuan for Q3 2024, a year-on-year decrease of 5.94%, while the net profit attributable to shareholders was 1.673 billion yuan, an increase of 4.44% year-on-year [1]. - The report highlights that the growth of the formulation business is slightly slower due to industry policy impacts, with a notable decline in revenue from gastrointestinal products and a significant drop in revenue from anti-infection products [1][2]. - The company is expected to see a steady increase in net profit over the next three years, with projections of 2.069 billion yuan, 2.296 billion yuan, and 2.571 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 5.88%, 11.02%, and 11.97% [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 65.81%, an increase of 1.88 percentage points year-on-year [1]. - The report provides detailed financial forecasts, including expected revenues of 11.995 billion yuan in 2024, with a projected revenue growth rate of -3.50% [3][4]. - The company's net profit margin increased to 21.43%, with a net profit margin of 21.12% reported for Q3 2024, reflecting a year-on-year increase of 5.93% [2].