KELUN PHARMA(002422) 太平洋·2024-10-31 13:32Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Insights - The company reported a strong Q3 performance with a year-on-year revenue increase of 0.35% and a net profit growth of 19.88%. The main drivers for profit growth include reduced sales expenses, ongoing upgrades in large infusion packaging materials, and stable prices for intermediates [1][2]. - For the first three quarters of 2024, the company achieved a total revenue of 16.789 billion yuan, a year-on-year increase of 6.64%, and a net profit of 2.471 billion yuan, reflecting a year-on-year growth of 25.85% [1][3]. - The company is expected to continue its growth trajectory, with projected revenues of 22.967 billion yuan, 25.757 billion yuan, and 28.456 billion yuan for 2024, 2025, and 2026 respectively, representing growth rates of 7.05%, 12.15%, and 10.48% [3][5]. Financial Summary - The company's gross margin for Q1-3 2024 was 52.51%, with a net profit margin of 17.40%. In Q3 alone, the gross margin was 49.35% and the net profit margin was 14.21% [1][5]. - The report forecasts earnings per share (EPS) of 1.98 yuan, 2.21 yuan, and 2.56 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 17, 15, and 13 [3][5]. - The company is also expected to benefit from the commercialization of 11 new products in 2024, contributing to its revenue growth [1][5].