Haisco(SZ:002653) Guohai Securities·2024-11-01 15:00Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [4]. Core Insights - The company reported a significant increase in profits for Q3 2024, with a total revenue of 2.765 billion yuan, representing a 15.41% year-on-year growth, and a net profit attributable to shareholders of 382 million yuan, which is a 90.20% increase [1][3]. - The company’s innovative product pipeline is gradually materializing, with recent approvals for new indications and applications for its drugs, indicating potential for future revenue growth [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 2.751 billion yuan, with a net profit of 382 million yuan and a non-recurring net profit of 215 million yuan, reflecting growth rates of 15.41%, 90.20%, and 44.55% respectively [1]. - In Q3 2024 alone, the company reported a revenue of 1.065 billion yuan, a 4.96% increase, and a net profit of 217 million yuan, which is a 72.76% increase, with a non-recurring net profit of 140 million yuan, up by 85.94% [1]. - The gross profit margin for Q3 2024 was 73.51%, an increase of 2.81 percentage points year-on-year, while the net profit margin improved to 27.15%, up by 14.38 percentage points [2][3]. Earnings Forecast - The company is projected to achieve revenues of 4.011 billion yuan, 4.779 billion yuan, and 5.783 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 489 million yuan, 618 million yuan, and 830 million yuan [3][7]. - The expected price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are 79.96X, 63.33X, and 47.15X respectively, indicating a potential for growth in earnings [3][7].