Salubris(002294) 国盛证券·2024-10-28 00:10Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance meets expectations, with sales of innovative products gradually improving. The revenue for Q1-Q3 2024 reached 3.001 billion yuan, a year-on-year increase of 22.18%, while the net profit attributable to shareholders was 510 million yuan, up 6.37% year-on-year [1] - The sales revenue for Q3 2024 was 958 million yuan, reflecting a year-on-year growth of 24.15%, and the net profit attributable to shareholders increased by 17.01% year-on-year [1] - The company plans to invest 50 million USD in Salubris Bio, indicating a strategic move to enhance its product offerings [1] Financial Performance - For Q1-Q3 2024, the sales expense ratio was 36.64%, an increase of 7.51 percentage points year-on-year, with total sales expenses amounting to 1.1 billion yuan, up 53.65% year-on-year [1] - The R&D expense ratio was 10.21%, a slight decrease of 0.22 percentage points year-on-year, with absolute R&D expenses of 306 million yuan, up 19.59% year-on-year [1] - The net cash flow from operating activities was 535 million yuan, an increase of 59.63% year-on-year [1] Product Development - The company has a well-structured pipeline for chronic disease products, with several projects in Phase III clinical trials progressing smoothly. The innovative product revenue and profit contributions are continuously increasing [1] - The company is focusing on chronic disease medications, which are expected to create a long-term growth trend as products receive approval [1] Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are 631 million yuan, 734 million yuan, and 907 million yuan, with year-on-year growth rates of 8.8%, 16.2%, and 23.6% respectively. The corresponding P/E ratios are projected to be 58x, 50x, and 40x [1][2]