科兴制药：业绩符合预期，海外市场加速兑现中

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 [11]. Core Views - The company reported a revenue of 1.04 billion yuan for the first three quarters of 2024, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 20 million yuan, up 131.6% year-on-year [1]. - The overseas sales revenue reached 150 million yuan, reflecting a significant growth of 47.2% year-on-year, with the company successfully entering the EU market with its product, albumin paclitaxel [2]. - The company is advancing its innovative drug pipeline, with several projects in various clinical trial phases, indicating a strong potential for future growth [3]. Financial Performance - For 2024, the company expects revenue growth rates of 14%, 22%, and 34% for the years 2024, 2025, and 2026 respectively, with net profit growth rates of 115%, 296%, and 78% for the same years [3]. - The earnings per share (EPS) are projected to be 0.13 yuan, 0.52 yuan, and 1.02 yuan for 2024, 2025, and 2026 respectively [4]. - The company’s gross margin for Q3 2024 was reported at 65.7%, with a net margin of 1.5%, showing an improvement in profitability [1]. Market Expansion - The company has successfully expanded its sales territory from emerging markets to the EU, with ongoing orders for albumin paclitaxel and other products [2]. - The establishment of a subsidiary in Germany is expected to enhance sales in the EU market [2]. - The company has also received regulatory approvals for its products in various international markets, including recent approvals in Tanzania and the Philippines [2].