复星医药：经营现金流优化，创新聚焦

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [3][10]. Core Insights - The company achieved a revenue of 30.912 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 0.69%. Excluding COVID-related products, the revenue growth was approximately 5.74% [3]. - The net profit attributable to shareholders was 2.011 billion yuan, a year-on-year decrease of 11.93%. However, the net profit after deducting non-recurring gains and losses increased by 24.58% to 1.836 billion yuan [3]. - The company has optimized its operating cash flow, with a net cash flow from operating activities of 2.987 billion yuan, reflecting a year-on-year growth of 21.33% [3]. - The company has focused on innovative drug and device development, with significant progress in its research pipeline, including multiple product approvals and clinical trials [3][6]. Financial Summary - For the first three quarters of 2024, the company's operating expenses ratio was 21.33%, a decrease of 2.21 percentage points year-on-year. The management expense ratio was 10.17%, down 0.15 percentage points [3]. - Research and development expenses totaled 3.915 billion yuan, with a research expense ratio of 8.57%, down 1.71 percentage points year-on-year [3]. - The company is projected to have earnings per share (EPS) of 1.09 yuan, 1.37 yuan, and 1.68 yuan for 2024, 2025, and 2026, respectively, with corresponding dynamic price-to-earnings ratios of 24.48, 19.42, and 15.87 [6].