羚锐制药：季报点评：业绩增长符合预期

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [11]. Core Views - The company, Henan Lingrui Pharmaceutical Co., Ltd., has shown a solid performance in the first three quarters of 2024, with a revenue of 2.759 billion yuan, representing a year-on-year growth of 10.07%, and a net profit of 574 million yuan, up 23.10% year-on-year [3][4]. - The company's main revenue and gross profit source is its orthopedic external plaster products, with a gross margin of 75%, which has improved by 0.37 percentage points compared to the same period last year [3][4]. - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 1.28 yuan, 1.51 yuan, and 1.75 yuan respectively, with corresponding dynamic price-to-earnings ratios of 16.88, 14.29, and 12.34 [4][6]. Summary by Sections Company Overview - Henan Lingrui Pharmaceutical Co., Ltd. was established in 1988 and has undergone several transformations, including a joint venture in 1992 and a public listing in 2000 [2]. - The largest shareholder is Henan Lingrui Group, holding a 21.48% stake as of the third quarter of 2024 [2]. Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 574 million yuan, with a basic EPS of 1.02 yuan [3]. - The third quarter alone saw a revenue of 853 million yuan, a 5.83% increase year-on-year, and a net profit of 161 million yuan, up 7.8% year-on-year [3]. Profitability Metrics - The gross margin stands at 75%, and the net margin is 20.80%, both showing improvements from the previous year [3]. - The report highlights a decrease in sales and management expense ratios, indicating better cost management [3]. Future Projections - Revenue is expected to grow from 3.808 billion yuan in 2024 to 5.036 billion yuan in 2026, with annual growth rates of approximately 15% [6][9]. - Net profit is projected to increase from 724 million yuan in 2024 to 990 million yuan in 2026, reflecting a robust growth trajectory [6][9].