九典制药：盈利能力稳步提升，24Q3利润端表现亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company's core product, Loxoprofen Sodium Gel Patch, continues to see significant growth, particularly in the outpatient market, which is developing rapidly. The report expresses optimism about the company's future development [3]. - The company's profit performance remains strong, with a notable increase in net profit and continuous optimization of expense ratios, leading to a steady improvement in profitability [1][3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 2.146 billion yuan, a year-on-year increase of 13.36%. The net profit attributable to the parent company was 450 million yuan, up 45.08% year-on-year, while the net profit excluding non-recurring items was 418 million yuan, reflecting a growth of 44.82% [1]. - In Q3 2024, the company reported operating revenue of 780 million yuan, a year-on-year increase of 15.47%, and a net profit attributable to the parent company of 47.37%, indicating sustained high growth in profits [1]. - The gross profit margin for the first three quarters was 73.76%, a decrease of 4.23 percentage points year-on-year, while the net profit margin increased by 4.58 percentage points to 20.96% [1]. - The company’s sales expense ratio decreased by 6.73 percentage points to 39.85%, attributed to multiple factors including the gradual stabilization of prices in the hospital market and the ongoing transformation of marketing models [1]. Future Projections - The report projects revenues for 2024, 2025, and 2026 to be 3.106 billion yuan, 3.615 billion yuan, and 4.243 billion yuan, respectively, with year-on-year growth rates of 15%, 16%, and 17% [3]. - The net profit attributable to the parent company is expected to reach 515 million yuan, 682 million yuan, and 906 million yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 40%, 32%, and 33% [3].