创新药多点开花，新增多项投资合作。Q3 公司多个创新药管线临床及报批工作顺利推进：1）肿瘤领域：ADC 新药索米妥昔单抗注射液8 月通过“港澳药械通”创新政策审批。自研小分子抗肿瘤药HDM2006、引进的创新 ADC 产品HDM2027的中国IND 获批。2）内分泌领域：司美格鲁肽及德谷胰岛素注射液均完成Ⅲ期临床研究全部受试者入组。3）自免领域：利纳西普、乌司奴单抗的中国上市申请处于审评中。罗氟司特乳膏中国IND 获批。同时公司新增收购贵州恒霸药业100%股权、与艺妙神州合作CAR-T 产品、与四环医药合作惠优静等对外投资和合作项目。Performance summary: The company achieved operating income of 31.478 billion yuan in the first three quarters of 2024, +3.56% year over year, and realized net profit of 2.562 billion yuan to mother, +17.05% year over year. Single Q3 achieved revenue of 10.513 billion yuan, +5.03% YoY, and realized net profit to mother of 0.866 billion yuan, or +14.71% YoY. After deducting equity incentive expenses and profit and loss effects such as participating R&D institutions, the company achieved deduction of 2.739 billion yuan of non-net profit from mother in the first three quarters of 2024.
The profitability of the pharmaceutical industry increased, and the pharmaceutical business achieved a steady recovery. Q3's pharmaceutical industry revenue was 3.243 billion yuan +10.32% year over year, and net profit of 0.755 billion yuan was +20.44% year over year. The net profit margin of the pharmaceutical industry was 23.28%, up 2.60 pcts from H1 month on month. In Q3, the pharmaceutical business recovered steadily, achieving revenue of 7.019 billion yuan +5.39% year over year, and net profit of 0.105 billion yuan +5.00% year over year.
Medical and aesthetic revenues are under slight pressure, and we look forward to further pipeline progress. The company's overseas medical and aesthetic business was affected by factors such as weak global economic growth, and achieved revenue of about 0.776 billion yuan in the first three quarters, or 20.30% over the same period last year. Domestic medical and aesthetic revenue in the Q3 off-season was 0.291 billion yuan, -5.52% year-on-year. On the pipeline side, domestic registration of major products such as MaiLi Hyaluronic Acid, Model M for Girls, and Recombinant Botulinum Toxin is progressing smoothly. Subsequent companies will also comprehensively speed up the registration of various medical and aesthetic products in overseas core markets such as the Middle East and the United States.
Innovative medicines have blossomed more, and many new investment partnerships have been added. Q3 The clinical and approval work of several of the company's innovative drug pipelines progressed smoothly: 1) Oncology field: The new ADC drug somituximab injection passed the “Hong Kong and Macau Pharmaceutical Connect” innovation policy approval in August. The self-developed small molecule antineoplastic drug HDM2006 and the innovative ADC product HDM2027 were approved by the Chinese IND. 2) Endocrine field: Simeglutide and Degu insulin injections both completed the Phase III clinical study and all subjects were enrolled. 3) In the field of self-immunity: Linacip and usinumab are under review in China. Rofloxate cream approved by IND in China. At the same time, the company added foreign investment and cooperation projects such as the acquisition of 100% of Guizhou Hengba Pharmaceutical's shares, cooperation with Yimiao Shenzhou CAR-T products, and cooperation with Sihuan Pharmaceutical.
Based on the three-quarter report, we expect the company's net profit for 2024-2026 to be 3.311/3.805/4.349 billion yuan, respectively, up 16.6%/14.9%/14.3% year-on-year, maintaining the “gain” rating.
Risk warning: The commercialization progress of pharmaceutical devices falls short of expectations, risk of clinical trial failure, and risk of customer complaints for medical and aesthetic products.
