博瑞医药：双靶点GLP-1/GIP乘势而上，高端复杂制剂兑现在即

Investment Rating - The report maintains an "Accumulate" rating for the company [1]. Core Viewpoints - The GLP-1 drug market is expanding rapidly, with significant potential for dual-target weight loss drugs. The mainstream GLP-1 drug, Semaglutide, achieved over $20 billion in global sales in 2023, a year-on-year increase of over 70%. The newly approved Zepbound is expected to capture a substantial market share due to its superior weight loss effects [2]. - The company's dual-target weight loss drug BGM0504 has advanced clinical data, showing promising results in its Phase II trials, positioning it as a strong competitor in the market [3]. - The company is building high-end complex formulations with five major technology platforms, which create high barriers to entry. The domestic inhalation formulation market is largely dominated by foreign companies, indicating significant room for domestic alternatives [4]. Summary by Sections Revenue and Profit Forecast - The company is expected to achieve revenues of 13.1 billion, 15.2 billion, and 17.5 billion yuan from 2024 to 2026, with year-on-year growth rates of 11%, 16%, and 15% respectively. The net profit attributable to shareholders is projected to be 2.1 billion, 2.6 billion, and 2.9 billion yuan for the same period, with growth rates of 3%, 24%, and 14% respectively. The P/E ratios for 2024-2026 are estimated at 68, 55, and 48 times [5].