以岭药业：三季度业绩短期承压，轻装上阵未来可期

Investment Rating - The report maintains a "Buy" rating for Yiling Pharmaceutical (002603 SZ) [1][3] Core Views - Yiling Pharmaceutical's Q3 2024 performance was under pressure, with revenue of 6 365 billion yuan, down 25 8% YoY, and net profit attributable to parent company of 550 million yuan, down 68 5% YoY [1] - The company's respiratory product sales are expected to gradually recover as external factors stabilize, with Lianhua Qingke tablets showing strong growth potential after OTC approval [1] - Yiling Pharmaceutical is deepening academic promotion efforts in the cardiovascular field, aiming to drive stable growth of its Tongcanqi product [1] - The company has a robust innovation pipeline, with 7 products in clinical stages, including Lianhua Qingke Granules for children and Luobitong Tablets for rheumatoid arthritis [1] Financial Performance - For Q3 2024, Yiling Pharmaceutical reported revenue of 1 761 billion yuan, down 1 3% YoY, and net profit attributable to parent company of 24 million yuan, down 84 1% YoY [1] - The company's 2024-2026 net profit forecasts are adjusted to 814 million yuan, 1 078 billion yuan, and 1 248 billion yuan, with growth rates of -39 8%, 32 5%, and 15 8% respectively [1] - Yiling Pharmaceutical's 2024E revenue is projected at 8 7 billion yuan, with a YoY decline of 15 7%, while 2025E and 2026E revenues are expected to grow by 15 5% and 14 4% respectively [2] Valuation Metrics - The company's 2024E-2026E P/E ratios are 37X, 28X, and 24X respectively [1] - Yiling Pharmaceutical's 2024E-2026E P/B ratios are 2 5X, 2 4X, and 2 2X respectively [2] - The stock's closing price on November 7, 2024 was 17 92 yuan, with a total market capitalization of 29 939 billion yuan [3] Product Pipeline - Yiling Pharmaceutical plans to submit 1-2 new drug applications annually, with Qifang Bitong Tablets for persistent allergic rhinitis and Chaihuang Lidan Capsules for chronic cholecystitis currently under review [1] - The company's Qiluo Mingmu Capsule for diabetic retinopathy was approved in 2023, adding to its innovative product portfolio [1] Market Position - Yiling Pharmaceutical operates in the traditional Chinese medicine sector, with a strong presence in respiratory and cardiovascular therapeutic areas [1][3] - The company's Lianhua Qingke tablets have demonstrated rapid market penetration since their launch, benefiting from the company's established respiratory product brand and distribution channels [1]