研发投入稳步提升，多项产品获批上市：公司2024 年前三季度研发费用达1.64亿元，同比增长9.03%。24Q3 公司多项产品获NMPA 批准，如肺癌PCR-11 基因、与海和药物联合开发的谷美替尼MET 外显子14 跳跃突变伴随诊断试剂、与默克医药健康基于Vision 研究共同开发的特泊替尼METex14 跳跃突变伴随诊断试剂盒艾惠捷。此外，公司HRD 试剂盒被纳入创新医药器械，是我国目前唯一被纳入创新医药器械的HRD 试剂盒。Incident: The company released its 2024 three-quarter report. In 24Q3, it achieved operating income of 0.305 billion yuan, an increase of 22.53% year on year; realized net profit due to mother 0.083 billion yuan, an increase of 77.58% year on year; realized net profit deducted from non-mother 0.08 billion yuan, an increase of 79.42% year on year.
Comment:
Revenue and profit increased, and cost control and efficiency improvements drove profit growth: in the third quarter of 2024, the company achieved operating income of 0.305 billion yuan, an increase of 22.53% year on year; achieved net profit of 0.083 billion yuan, an increase of 77.58% year on year; realized net profit deducted from non-return mother 0.08 billion yuan, an increase of 79.42% year on year. The company amortized 0.024 billion yuan of equity incentive expenses in the first three quarters of 2024. After excluding the impact of amortization of equity incentive expenses, net profit to mother increased 44.62% year on year, and net profit after deducting non-return to mother increased 53.30% year on year. The sharp increase in net profit due to revenue growth and effective implementation of management concepts to control costs, focus on quality, and improve efficiency.
R&D investment has increased steadily, and many products have been approved for listing: the company's R&D expenses in the first three quarters of 2024 reached 0.164 billion yuan, an increase of 9.03% over the previous year. 24Q3 has received NMPA approval for a number of products, such as the PCR-11 gene for lung cancer, a diagnostic reagent associated with glutametinib MET exon 14 jump mutation co-developed with Haihe Pharmaceutical, and a terbertinib MeTeX14 jump mutation companion diagnostic kit developed jointly with Merck Healthcare based on Vision research. Furthermore, the company's HRD kit was included in innovative pharmaceutical devices, and is currently the only HRD kit included in innovative pharmaceutical devices in China.
Multiple indications of the product were approved by Japan, and the application of diagnostic products was further expanded: in July 2024, Japan's Ministry of Health, Labor, and Welfare continuously approved two new indications for the company's PCR-11 gene products, as an accompanying diagnosis of Novartis Pharmaceuticals' camatinib and Haihe Pharmaceuticals' glutinib; in September 2024, a new indication of the PCR-11 genetic test kit for lung cancer was approved by Japan to guide the clinical application of the BMS targeted drug AUGTYRO. Up to now, Japan's Ministry of Health, Labor, and Welfare has approved seven accompanying diagnostic targets, including EGFR, ALK, ROS1, BRAF, MET, KRAS G12C, and RET, to guide the clinical application of 17 types of targeted drugs related to non-small cell lung cancer.
Profit forecast, valuation and rating: As a leading enterprise in the domestic cancer diagnosis industry, the company's performance continues to grow rapidly as cooperation and innovation continue to advance. We maintain the company's 24-26 net profit forecast of 0.315/0.379/0.454 billion yuan, and the current price corresponds to 24-26 PE at 32/27/22 times, maintaining a “buy” rating.
Risk warning: risk of product development and approval falling short of expectations, increased risk of market competition