专注眼科药物研发，巩固核心优势。研发投入持续增加，打造丰富的眼科产品管线。根据2023 半年报，公司产品布局覆盖干眼症、抗感染、抗青光眼等十个眼科药类别，共取得55 个批准文号，其中34 个产品纳入医保，6 个产品被列入国家基本药物目录。三季度内公司在研管线取得多项进展：地夸磷索钠获得药品注册证书，适用于经诊断为伴随泪液异常的角结膜上皮损伤的干眼患者；伏立康唑滴眼液I 期完成首例患者入组，拟用于治疗真菌性角膜炎；环孢素滴眼液（Ⅱ）完成上市后临床试验首例入组。Core views:
Q3 Performance continued to improve, and R&D increased year over year. The company released its three-quarter report of 2023: operating income for the first three quarters of 2023 was 1.05 billion yuan (+10% YoY), net profit after deducting non-return to mother net profit of 177 million yuan (-14% YoY); sales/management/R&D expenses were 411 million yuan (+20% YoY), 113 million yuan (-7% YoY), and 122 million yuan (YoY +34%), respectively. Expenses rates were 37%, 10%, and 11%, respectively. Looking at a single quarter, Q3 continued the growth trend of Q2: operating income of 419 million yuan (+4% YoY, +5% month-on-month), net profit of 95 million yuan (YoY +15%, +38% month-on-month), net profit excluding non-return to mother of 92 million yuan (+17% YoY), and is expected to achieve steady growth throughout the year.
Low-concentration atropine has been reviewed and approved on a priority basis, and is expected to be marketed within the year. The company has three clinical studies related to atropine sulphate. Among them, the marketing application for 0.01% atropine sulphate eye drops was accepted by the CDE and included in priority review in May. It is expected to become the first low-concentration atropine eye drop to be marketed in the world to delay myopia. 0.01% of 2-year clinical trials and 0.2%/0.4% clinical trials are in phase III and are progressing according to plan.
Focus on ophthalmic drug research and development to consolidate core advantages. R&D investment continues to increase, creating a rich pipeline of ophthalmology products. According to the 2023 semi-annual report, the company's product layout covers ten ophthalmic drug categories, including dry eye, anti-infective, and anti-glaucoma, and has obtained a total of 55 approval numbers. Of these, 34 products are covered by medical insurance, and 6 products are included in the national essential drug catalogue. Within three quarters, the company made many advances in the research pipeline: diquafinzol obtained a drug registration certificate, suitable for dry eye patients diagnosed with corneal epithelial damage accompanied by abnormal tear fluid; voriconazole eye drops completed phase I enrollment, intended to treat fungal keratitis; and ciclosporin eye drops (II) were enrolled in the first clinical trial after completion of marketing.
Profit forecasting and investment advice. The company's 2023-2025 EPS is estimated to be 2.57, 5.92, and 8.24 yuan/share, respectively. The company is about to launch low-concentration atropine, and market space for myopia prevention and control can be expected. The company will be given 30x reasonable PE in 2024, corresponding to a reasonable value of 177.58 yuan/share, maintaining a “buy” rating.
Risk warning. Pipeline progress fell short of expectations, market competition exceeded expectations, and product volume fell short of expectations.