Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has demonstrated strong revenue growth, with total revenue reaching 3.858 billion yuan in the first three quarters of 2024, a year-on-year increase of 31.67%. The net profit attributable to shareholders was 366 million yuan, up 149.5% year-on-year [2]. - The innovative drug Yili Shou has made significant progress in its global rollout, with the first shipment to Germany completed on October 30, 2024. This drug is expected to drive substantial sales growth in the European market [4]. - The company's focus on a "big product" strategy has led to continued revenue growth in its pharmaceutical segment, with seven domestic products achieving sales exceeding 100 million yuan [2]. Financial Performance - For the first three quarters of 2024, the gross profit margin was 47.65%, a decrease of 2.95 percentage points year-on-year, primarily due to increased costs from the amortization of intangible assets related to self-developed pharmaceutical products [3]. - The company reported a sales expense ratio of 24.93%, a decrease of 1.7 percentage points year-on-year, and a management expense ratio of 7.25%, down 2.24 percentage points year-on-year [3]. - The forecast for net profit attributable to shareholders for 2024-2026 is 518 million, 727 million, and 968 million yuan, respectively, with growth rates of 194%, 40%, and 33% [5]. Market Position and Future Outlook - The global market for the drug Yili Shou is estimated at 7 billion USD, with peak sales potential exceeding 5 billion yuan [4]. - The company is expected to benefit from its innovative pipeline and the ongoing implementation of its "big single product" strategy, anticipating a performance turnaround in 2024 [5].
亿帆医药:业绩维持高速增长态势,亿立舒欧洲发货全球化进展再获突破