国药股份：Q3收入同比稳增，费用端持续优化

Investment Rating - The investment rating for the company is Buy-A, with a target price of 34.98 CNY over the next six months [1][4]. Core Views - The company has shown steady revenue growth and continuous improvement in profitability, with a focus on optimizing expenses [2][3]. - The revenue for the first three quarters of 2024 reached 38.03 billion CNY, representing a year-on-year increase of 4.10%, while the net profit attributable to shareholders was 1.48 billion CNY, up 1.30% year-on-year [2]. - The report anticipates revenue growth rates of 5.63%, 7.26%, and 7.57% for 2024 to 2026, with net profit growth rates of 2.49%, 8.37%, and 8.49% respectively [4]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 13.27 billion CNY, a year-on-year increase of 7.12%, while the net profit was 481 million CNY, up 0.64% year-on-year [3]. - The gross margin for Q3 was 6.90%, a decrease of 0.86 percentage points year-on-year, and the net profit margin was 3.62%, down 0.23 percentage points year-on-year [3]. - The company maintained a good control over expenses, with a total expense ratio of 2.24% in Q3, which is a decrease of 0.44 percentage points year-on-year [3]. Financial Forecasts - The company's projected main revenue for 2024 is 52.50 billion CNY, with net profit expected to be 2.20 billion CNY [6][8]. - The earnings per share (EPS) is forecasted to be 2.92 CNY for 2024, increasing to 3.43 CNY by 2026 [6][8]. - The price-to-earnings (P/E) ratio is expected to decrease from 12.2 in 2022 to 9.2 by 2026, indicating a potentially attractive valuation [6][8].