悦康药业：Q3利润超预期，多款中药创新药有望陆续获批

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's Q3 profit exceeded expectations, with several innovative traditional Chinese medicine products expected to be approved soon [1][2]. - Revenue growth has continued throughout 2024, with Q3 showing a year-on-year increase of 37.47% and a quarter-on-quarter increase of 6.07%, primarily driven by sales growth in cardiovascular and digestive products [1]. - The company has returned to normal operating conditions after previous low-price competition and inventory adjustments in 2023 [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.992 billion yuan, a year-on-year increase of 1.15%, and a net profit attributable to shareholders of 210 million yuan, a year-on-year increase of 37.73% [1]. - Q3 2024 revenue reached 1.042 billion yuan, a year-on-year increase of 37.47%, with a net profit of 91.17 million yuan, compared to a loss of 54.80 million yuan in the same period of 2023 [1]. - The company's sales expense ratio for Q1-3 2024 was 36.01%, down 8.01 percentage points year-on-year, while the R&D expense ratio was 8.73%, up 0.89 percentage points year-on-year [1]. Future Outlook - The company expects steady growth from ginkgo leaf extract injections and anticipates the approval of three innovative traditional Chinese medicine products in the first half of 2025 [2]. - The small RNA platform is being strengthened, with FDA and CDE clinical approvals for PCSK9 siRNA, and more small RNA pipelines are expected to enter IND [2]. - The peptide platform has completed Phase II clinical studies for the membrane fusion inhibitor aerosolized peptide YKYY017, which is expected to advance to Phase III [2]. Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 302 million yuan, 392 million yuan, and 460 million yuan, representing growth rates of 63.2%, 30.1%, and 17.1% respectively [2]. - The expected EPS for the same period is 0.67 yuan, 0.87 yuan, and 1.02 yuan, with corresponding P/E ratios of 34x, 26x, and 22x [2].