九典制药：24Q3业绩超预期，持续打造外用贴膏产品矩阵

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported strong performance in Q3 2024, with revenue of 7.8 billion yuan, a year-on-year increase of 15.47%, and a net profit attributable to shareholders of 1.66 billion yuan, up 47.38% year-on-year [1][3] - The growth in Q3 was driven by the rapid increase in sales of the core product, and a decrease in selling expenses [3] - The company is focusing on expanding its external patch product matrix, with multiple new products expected to be launched soon [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 21.46 billion yuan, a year-on-year growth of 13.36%, and a net profit of 4.5 billion yuan, up 45.08% year-on-year [1] - In Q3 2024, the company’s gross margin was 74.85%, with a significant decrease in expense ratios across various categories [3] Business Segments - In Q3 2024, the external preparation segment generated revenue of 4.62 billion yuan, a year-on-year increase of 15.57%, while the oral preparation segment saw revenue of 1.87 billion yuan, up 2.33% [3] - The raw materials and plant extracts segment experienced a revenue surge of 49.62% year-on-year, reaching 1.24 billion yuan [3] Market Dynamics - The company’s patch products are experiencing strong growth both in hospitals and outside, with a 60.63% increase in sales volume year-on-year for the first three quarters of 2024 [3] - The core product, Loxoprofen Sodium Gel Patch, has been included in provincial procurement in over 20 administrative regions, contributing to sustained growth [3] Future Outlook - The company plans to continue investing in the gel patch sector, with R&D expenses reaching 1.67 billion yuan in the first three quarters of 2024, a year-on-year increase of 6.40% [4] - Profit forecasts for 2024, 2025, and 2026 are 5.29 billion yuan, 6.90 billion yuan, and 8.63 billion yuan respectively, with corresponding year-on-year growth rates of 44%, 30%, and 25% [4]