三生国健（688336）：利润端大幅增长，研发管线有序推进

Investment Rating - The report assigns a rating of "Accumulate" for the company [4]. Core Views - The company has shown significant growth in profits, with total revenue for 2024 reaching 1.194 billion yuan, a year-on-year increase of 17.70%, and a net profit attributable to shareholders of 732 million yuan, up 148.34% year-on-year [1][2]. - The sales revenue of the company's main products has steadily increased, with a 17.74% year-on-year growth in product sales revenue for 2024. The growth is attributed to the robust sales of Yisaipu and the rapid expansion of Yisaipu pre-filled syringe types, which effectively compensated for the decline in product average prices due to regional centralized procurement [2]. - The company is focusing on research and development, with total R&D investment of 354 million yuan in the first three quarters of 2024, a year-on-year increase of 54.07%. The R&D expense ratio remains at a reasonable level, with several key pipelines progressing steadily [3]. Financial Projections - The company is expected to achieve revenues of 1.459 billion yuan and 1.754 billion yuan in 2025 and 2026, respectively, with net profits attributable to shareholders projected at 396 million yuan and 486 million yuan for the same years. The earnings per share (EPS) are forecasted to be 0.64 yuan and 0.79 yuan [3][7].