九典制药：业绩超预期，贴膏赛道壁垒坚固，长期成长动力充沛

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [16]. Core Insights - The company reported a revenue of 2.15 billion with a year-on-year growth of 13.4% and a net profit attributable to the parent company of 450 million, reflecting a significant year-on-year increase of 45.1% for the first three quarters of 2024 [1]. - The company has a robust pipeline of over 20 external preparations under research, with key products including Lidocaine gel patches and Loxoprofen sodium patches, indicating strong long-term growth potential [3]. - The company has effectively controlled costs, with a notable decrease in sales expense ratio by 6.7 percentage points year-on-year, demonstrating improved management efficiency [2]. Financial Performance - For the first three quarters of 2024, the gross profit margin was 73.8%, a decrease of 4.2 percentage points year-on-year, while the sales expense ratio was 39.9%, down 6.7 percentage points year-on-year [2]. - The company forecasts net profits of 520 million, 680 million, and 890 million for the years 2024, 2025, and 2026 respectively, maintaining previous estimates [5]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.06, 1.38, and 1.82 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 22.4, 17.1, and 13.0 [7][14].