博瑞医药（688166）：战略合作点评：依托华润三九院外渠道打开销售天花板，共同承担研发费用

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The strategic partnership with China Resources Sanjiu is expected to open up sales potential and share R&D costs for the product BGM0504 [8] - The collaboration allows the company to leverage Sanjiu's leading OTC channel capabilities, enhancing sales without transferring product ownership [8] - The company has a rich pipeline of innovative drugs and complex generics, with several products expected to enter clinical trials soon [8] - The forecasted net profit for 2025-2027 is projected at 2.6 billion, 3.0 billion, and 4.3 billion respectively, with corresponding P/E ratios of 160, 139, and 97 [8] Financial Summary - Total revenue is expected to grow from 1,283 million in 2024 to 1,762 million in 2027, with a CAGR of 15.11% from 2026 to 2027 [9] - The net profit is projected to recover from a decline in 2024 to 433.39 million by 2027, reflecting a growth rate of 43.06% [1][9] - The latest diluted EPS is forecasted to increase from 0.45 in 2024 to 1.03 in 2027 [1][9] - The company’s asset-liability ratio is expected to decrease from 50.50% in 2024 to 46.56% in 2027, indicating improved financial stability [9]