Shanghai Pharma(601607) 东吴证券·2024-11-06 16:49Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [2][3]. Core Insights - The company reported a revenue of 209.63 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.14%. The net profit attributable to shareholders was 4.054 billion yuan, up by 6.78% [2]. - The pharmaceutical CSO business has significantly contributed to the rapid growth of the commercial segment, with a revenue of 191.34 billion yuan in the first three quarters, reflecting an 8.28% increase. The CSO contract promotion business achieved sales of approximately 6.1 billion yuan, a remarkable growth of 176.3% year-on-year [2][3]. - The industrial segment is actively advancing new drug research and development, with a revenue of 18.284 billion yuan, down by 12.10%. The company has 60 new drug pipelines in clinical stages, including 46 innovative drugs [3]. Financial Forecasts - The company is expected to maintain double-digit growth in the commercial segment, with net profits projected at 5.015 billion yuan for 2024, 5.632 billion yuan for 2025, and 6.349 billion yuan for 2026 [3]. - The earnings per share (EPS) are forecasted to be 1.35 yuan in 2024, 1.52 yuan in 2025, and 1.71 yuan in 2026, with a price-to-earnings (P/E) ratio of 14.43 for 2024 [2][3].