贵州三力：24Q3业绩高增长，股权激励彰显发展信心

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant revenue growth of 49% year-on-year for the first three quarters of 2024, reaching 1.447 billion yuan, driven by core product sales and the consolidation of Hanfang Pharmaceutical [2][3] - The core product, the "Kaohao Jian" series, is experiencing rapid growth, with increased market demand and ongoing expansion in the OTC market [2] - The company has successfully integrated acquisitions, enhancing its product portfolio across various therapeutic areas, which is expected to contribute to future growth [3] - A stock incentive plan was introduced to motivate the core team, reflecting the company's confidence in its growth trajectory [3] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 328 million yuan, 407 million yuan, and 486 million yuan, respectively, with growth rates of 12%, 24%, and 19% [4] - The current price-to-earnings (P/E) ratios are estimated at 18X, 14X, and 12X for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation given the expected growth [4] - The company plans to maintain a dividend payout of at least 50% of the distributable profits annually from 2024 to 2026, enhancing shareholder returns [3]