科兴制药：盈利能力持续改善，欧盟市场销售取得突破

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability continues to improve, with significant breakthroughs in the EU market sales [1] - The company has experienced rapid growth in overseas performance, establishing a comprehensive overseas commercialization platform [1][2] - The domestic sales revenue has been affected by centralized procurement, leading to a downward adjustment in previous profit forecasts [2] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 1.038 billion yuan, with a year-on-year increase in net profit of 130.36% [1] - The company’s gross profit margin for the first three quarters of 2024 was 69.86%, a decrease of 1.65 percentage points year-on-year [1] - The company’s overseas revenue for the first three quarters of 2024 was 149 million yuan, a year-on-year increase of 47.16% [1][2] Earnings Forecast - The projected revenues for 2024, 2025, and 2026 are 1.382 billion yuan, 1.728 billion yuan, and 2.166 billion yuan, respectively, with year-on-year growth rates of 9.7%, 25.1%, and 25.3% [2] - The projected net profits for the same years are 23 million yuan, 38 million yuan, and 137 million yuan, with year-on-year growth rates of 112.2%, 64.8%, and 258.9% [2] Market Expansion - The company has successfully entered the EU market with its product, albumin paclitaxel, which received marketing approval in July 2024 and has seen increasing sales orders [1] - The company has established a relatively complete overseas commercialization system, covering over 40 countries, including emerging markets [1][2]