丽珠集团：利息收入减少影响利润，业绩改善趋势不变

Investment Rating - The report maintains an "Accumulate" rating for the company [4][12]. Core Views - The company reported a revenue of 9.082 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.94%, and a net profit attributable to shareholders of 1.673 billion yuan, up 4.44% year-on-year [6]. - The company is expected to see improvements in earnings per share (EPS) from 2.22 yuan in 2024 to 2.80 yuan in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 16.73 to 13.26 [4]. - The company is focusing on a dual strategy of self-research and business development (BD) to enhance its innovation pipeline, having introduced several new drug candidates in 2024 [8]. Financial Performance - The company’s revenue for 2024 is projected to be 11.911 billion yuan, a decrease of 4.2% year-on-year, with a recovery expected in subsequent years [5]. - The gross profit margin for the first three quarters of 2024 was 65.81%, an increase of 1.88 percentage points year-on-year [7]. - The net profit margin for the same period was 21.43%, up 4.06 percentage points year-on-year [7]. Business Segments - Revenue from chemical preparations in the first three quarters of 2024 was 4.714 billion yuan, down 8.52% year-on-year, with significant declines in digestive products [8]. - The company’s traditional Chinese medicine preparations saw a revenue increase of 16.49% year-on-year, reaching 1.041 billion yuan [8]. - The company is actively exploring international markets and accelerating the development of its own projects [8].