博瑞医药：公司信息更新报告：BGM0504临床进展较快，吸入制剂进展顺利

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth in the first three quarters of 2024, with revenue reaching 977 million yuan, a year-on-year increase of 6.77%. However, the net profit attributable to shareholders decreased by 7.5% to 177 million yuan [4] - The clinical progress of BGM0504 is rapid, with significant advancements in inhalation formulations. The company is optimistic about its long-term development and maintains its profit forecast for the years 2024-2026 [4][6] - The company’s R&D investment has increased by 35.3% year-on-year, accounting for 22.69% of its operating revenue, indicating a strong commitment to innovation [6] Financial Performance Summary - In Q3 2024, the company achieved revenue of 319 million yuan, a decrease of 2.52% year-on-year, while the net profit attributable to shareholders was 71 million yuan, down 13.73% year-on-year. Excluding the impact of R&D expenses, the net profit grew by 16.11% [4] - The gross margin for Q3 2024 was 63.58%, an increase of 0.42 percentage points year-on-year, while the net margin was 20.22%, a decrease of 3.71 percentage points [4] - The company’s projected net profit for 2024-2026 is estimated at 217 million yuan, 227 million yuan, and 250 million yuan respectively, with corresponding P/E ratios of 56.1, 53.6, and 48.6 [4][7] R&D and Product Development - BGM0504 has received ethical approval for its Phase III clinical trial for weight loss indications, with the first subject already enrolled. The diabetes indication has also received communication approval from CDE to proceed with Phase III clinical trials [6] - The company has made significant progress in its inhalation formulations, with several products either approved or in various stages of clinical trials [6] Expense Ratios - The company’s R&D expense ratio has increased to 21.74% in the first three quarters of 2024, reflecting a focus on innovation and product development [5]