方盛制药：三季度业绩表现亮眼，产品矩阵多点开花持续放量

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown impressive performance in Q3 2024, with a revenue of 1.348 billion yuan, a year-on-year increase of 11%, and a net profit of 230 million yuan, up 60.7% year-on-year [1] - The core products are performing well, with significant sales growth across various categories, including a 14% increase in sales of the classic orthopedic drug, and over 340% growth in the innovative traditional Chinese medicine [1] - The company is advancing its innovation and R&D efforts, with multiple projects in the pipeline, which are expected to contribute to long-term growth [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.348 billion yuan, with a net profit of 230 million yuan, and a non-recurring net profit of 163 million yuan [1] - In Q3 2024, the revenue reached 438 million yuan, reflecting a year-on-year growth of 21.7%, while the net profit surged by 158.7% to 91 million yuan [1] - The company forecasts net profits of 284 million yuan, 315 million yuan, and 365 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 51.9%, 11.1%, and 15.9% [1][5] Product Performance Summary - The classic orthopedic drug, Tenghuang Jianguo Pian, saw a sales volume increase of approximately 14%, covering nearly 8,400 public medical institutions [1] - The pediatric cough granules, Xiaor Jingxing Zhi Ke Granules, achieved sales revenue of about 60 million yuan, a growth of over 130%, covering more than 1,500 public medical institutions [1] - The innovative traditional Chinese medicine, Xuanqi Jianguo Pian, reported sales revenue of approximately 86 million yuan, with a growth of over 340%, covering over 1,000 public medical institutions [1] R&D and Innovation Summary - The company has submitted a listing application for the Yao Xue Qu Feng Zhi Tong Granules, which is expected to address clinical needs for headache and dizziness [1] - The company is actively developing 13 innovative traditional Chinese medicine projects across various medical fields, including gynecology, orthopedics, and oncology [1]