方盛制药：24Q3业绩超预期，创新中药销售亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported Q3 2024 results that exceeded expectations, with a revenue of 1.348 billion yuan, a year-on-year increase of 10.95%, and a net profit attributable to shareholders of 228 million yuan, a year-on-year increase of 60.66% [1][2] - The sales of innovative traditional Chinese medicine products showed significant growth, with key products like Xuanqi Jianguo Pian achieving revenue of approximately 86 million yuan, a year-on-year increase of over 340% [2] - The company is focusing on optimizing operational efficiency, leading to an increase in gross margin to 73.26%, up 4.27 percentage points year-on-year [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.348 billion yuan, with a net profit of 228 million yuan, and a non-recurring net profit of 163 million yuan [1] - In Q3 2024 alone, the revenue was 438 million yuan, a year-on-year increase of 21.69%, with a net profit of 91.29 million yuan, a year-on-year increase of 158.74% [1][2] Product Performance - The innovative traditional Chinese medicine segment is performing well, with products like Xuanqi Jianguo Pian and Xiaoer Jingxing Zhike Keli showing substantial revenue growth [2] - The company has expanded its market coverage significantly, with over 1,000 public medical institutions for Xuanqi Jianguo Pian and over 1,500 for Xiaoer Jingxing Zhike Keli [2] Research and Development - The company has increased its R&D investment, with R&D expenses reaching 103 million yuan in the first three quarters of 2024, a year-on-year increase of 81% [3] - Several innovative traditional Chinese medicine products are in late-stage clinical trials, with potential approvals expected in the next 2-3 years [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 273 million yuan, 321 million yuan, and 393 million yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 46%, 18%, and 22% [4] - The current stock price corresponds to a price-to-earnings ratio (PE) of 20X for 2024, 17X for 2025, and 14X for 2026 [4]