ASK PHARM(002755) 东方证券·2024-11-11 03:42Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.86 yuan, reflecting a reasonable market value of 165.75 billion yuan [2][4]. Core Insights - The company achieved significant revenue growth, with a reported income of 1.384 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 23.64%. The net profit attributable to the parent company reached 127 million yuan, up 168.79% year-on-year [1]. - The company is in a rapid development phase of innovation, with key clinical pipelines advancing, including a Claudin18.2 monoclonal antibody for gastric cancer in phase III trials and a third-generation EGFR-TKI awaiting approval [1]. - The impact of the tenth batch of centralized procurement is expected to be manageable, with the historical effects largely mitigated and new products enhancing market competitiveness [1]. Financial Performance Summary - The company’s revenue for 2024 is projected to be 1.751 billion yuan, with a year-on-year growth of 21.3%. The net profit attributable to the parent company is expected to be 162 million yuan, reflecting a growth of 209.1% [3]. - The gross margin is forecasted to be 80.5% in 2024, with a net margin of 9.3% [3]. - The earnings per share (EPS) is projected to be 0.17 yuan for 2024, increasing to 0.40 yuan by 2026 [3].