前沿生物：营收同比稳步增长，积极布局新兴赛道

Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its long-term growth potential [3][5] Core Views - The company's revenue in Q3 2024 reached 4059 million yuan, a year-on-year increase of 36.30%, while the non-GAAP net profit attributable to the parent company was -5721 million yuan [1] - For the first three quarters of 2024, the company's revenue was 9164 million yuan, up 26.90% year-on-year, with a non-GAAP net profit attributable to the parent company of -2.33 billion yuan [1] - The company has optimized its cost structure, with Q3 2024 sales expenses decreasing by 5.54% year-on-year, management expenses decreasing by 21.56%, and R&D expenses decreasing by 25.96% [1] - The company is actively expanding into emerging industries such as small nucleic acid drugs and has established a joint laboratory with Fudan University to explore functional cures for viral infections [2] Financial Performance - The company's revenue for 2024 is projected to be 1.35 billion yuan, with a year-on-year growth of 18.4%, and is expected to reach 1.90 billion yuan by 2026 [3] - The net profit attributable to the parent company is forecasted to be -2.24 billion yuan in 2024, improving to -1.20 billion yuan by 2026 [3] - The company's R&D investment accounted for 119.31% of its revenue in the first three quarters of 2024, primarily focused on post-marketing studies of Aikening, long-acting anti-HIV drugs, and small nucleic acid drug projects [2] Industry and Market Position - The company operates in the chemical pharmaceutical industry and has a market capitalization of 2,846.80 million yuan as of October 31, 2024 [5] - The company's stock price closed at 7.60 yuan on October 31, 2024, with a total of 374.58 million shares outstanding, all of which are freely tradable [5] Strategic Initiatives - The company is focusing on channel expansion in lower-tier markets and academic promotion to enhance patient accessibility, which has supported revenue growth [2] - The joint laboratory with Fudan University aims to leverage the company's technological and channel advantages in the antiviral field, particularly in the functional cure of hepatitis B [2]