上海莱士：业绩符合预期，新股东持续赋能

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance meets expectations, with new shareholders continuously empowering its operations [2] - For the first three quarters of 2024, the company achieved total revenue of 6.314 billion yuan, a year-on-year increase of 6.39%, and a net profit attributable to shareholders of 1.838 billion yuan, up 2.81% year-on-year [2] - The company has shown stable growth in performance, with a total revenue of 2.062 billion yuan in Q3 2024, reflecting a year-on-year increase of 1.34%, and a net profit of 597 million yuan, up 8.82% year-on-year [3] - The company has significantly increased its R&D investment, with R&D expenses reaching 191 million yuan, a year-on-year increase of 44%, primarily due to some R&D pipelines entering clinical trial stages [3] - The company continues to enrich its product matrix, having received approval for clinical trials of "SR604 injection" for hemophilia and congenital factor VII deficiency [4] Financial Performance Summary - The company is expected to achieve total revenues of 8.538 billion yuan, 9.678 billion yuan, and 10.914 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.2%, 13.4%, and 12.8% [5] - The net profit attributable to shareholders is projected to be 2.292 billion yuan, 2.603 billion yuan, and 2.937 billion yuan for the same years, with year-on-year growth rates of 28.8%, 13.6%, and 12.8% [5] - The company maintains a gross profit margin of approximately 40.6% to 41.2% over the forecast period [8] - The company's P/E ratio is expected to decrease from 29.63 in 2024 to 16.86 in 2026, indicating improving valuation [8][12]