YIFAN PHARMACEUTICAL(002019) 上海证券·2024-11-06 10:28Investment Rating - The investment rating for the company is "Buy" (maintained) [3][15] Core Views - The company reported a significant increase in revenue and profit for the first three quarters of 2024, with total revenue reaching 3.858 billion yuan, a year-on-year growth of 31.67%, and net profit attributable to shareholders of 366 million yuan, a year-on-year increase of 149.50% [3] - The growth in self-developed and introduced pharmaceutical products has been substantial, contributing to the impressive profit growth, alongside increased government subsidies and revenue from drug agency rights transfer [3][4] - The company has optimized its expense ratios significantly, with sales expense ratio at 24.93%, management expense ratio at 7.25%, and financial expense ratio at 1.29% [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net cash flow from operating activities of 430 million yuan, a year-on-year increase of 37.27% [3] - The company expects revenue for 2024 to be 5.227 billion yuan, with a year-on-year growth of 28.49%, and net profit attributable to shareholders to be 524 million yuan, reflecting a growth of 195.0% [5][11] - The projected earnings per share (EPS) for 2024 is 0.43 yuan, with corresponding price-to-earnings (PE) ratios of 29.73 for 2024, 19.96 for 2025, and 16.76 for 2026 [5][11] Product Development and Market Expansion - The company has accelerated the global rollout of its product Yilishu, which has received approvals in multiple countries and regions, including the EU and the US [4] - The company continues to advance its research and development efforts in both chemical and traditional Chinese medicine, with several new products receiving registration certificates [4]