各项费用率较为稳定，销售费用率由于去年基数低有所上升2024Q3（2023Q3），销售费用率为32.95%(29.6%)，研发费用率为22.94%（23.85%），管理费用率10.63%（10.13%）。各项费用率基本稳健。2024H1，若以主营业务收入作为分母，销售费用率32%，2024Q3 和前两季度基本持平。occurrences
Recently, the company announced results for the third quarter of 2024. In the first three quarters of 2024, revenue was 20.2 billion yuan, up 19% year on year; net profit to mother was 4.62 billion yuan, up 33% year on year; after deducting non-net profit of 4.616 billion yuan, up 37% year on year. In the third quarter, revenue was 6.59 billion yuan, up 12.7% year on year; net profit to mother was 1.19 billion yuan, up 1.9% year on year; net profit after deducting non-net profit was 1.13 billion yuan, up 0.84% year on year.
Revenue growth in the third quarter was in line with expectations, and profit remained essentially flat year over year.
The various cost ratios are relatively stable. The sales expense ratio increased due to last year's low base 2024Q3 (2023Q3). The sales expense ratio was 32.95% (29.6%), the R&D expense ratio was 22.94% (23.85%), and the management expense ratio was 10.63% (10.13%). The various cost rates are generally stable. 2024H1, if main business revenue is used as the denominator, the sales expense ratio is 32%, which is basically the same as the previous two quarters. 2024Q3
Revenue from innovative drugs is growing rapidly and is expected to continue to be released in the third quarter
The revenue growth trend of innovative drugs is expected to be good in the third quarter. 2024H1, revenue from innovative drugs (tax included, not including foreign licensing revenue) was 6.612 billion yuan, up 33% year on year and 17% month on month. Equity incentive targets are expected to be met in 2024. The company's equity incentive targets for 2024-2026 correspond to 13 billion yuan, 16.5 billion yuan, and 208 billion yuan, respectively, corresponding year-on-year growth rates of 22%, 27%, and 26%, respectively. Innovative drugs are expected to continue to grow rapidly in the next three years.
Research and development continued to be implemented. The innovative self-exempt drug fnacizumab was approved for marketing, and multiple product applications were accepted for marketing
Since the third quarter of 2024, several innovative drugs have progressed. Funacizumab was approved for marketing on August 27. The first batch was sold on August 30, and the first prescription was issued on the same day. The commercialization began smoothly. The marketing application for 5 innovative drugs was accepted (including new indications). In the field of oncology, marketing applications for three drugs have been accepted, and they are all first-time applications; they are the indications for HER2 ADC injectable recontretuzumab for second-line treatment of HER2 mutant non-small cell lung cancer (NSCLC) (included in the priority review and approval process), and the EZH2 inhibitor 2554 for second-line treatment of peripheral T-cell SHR lymphoma (PTCL) (it was included in the announcement of the varieties to be approved for priority review), and the anti-PD-L1/TGF-TGF-beta protein-beta fusion function lavprop-alpha injection Liquid (SHR-1701) combined with fluorouracil and platinum drugs is used for first-line treatment of gastric and gastroesophageal junction adenocarcinoma.
In the field of self-immunization drugs, an application for marketing of the JAK1 inhibitor amaxitinib sulfate tablets for new indications of alopecia areata was accepted, and it is suitable for adult patients with severe alopecia areata. In addition, an application for marketing of hetrapoethanolamine tablets for severe aplastic anemia was accepted. Combined with immunosuppressive treatment, it is suitable for patients with severe aplastic anemia (SAA) aged 15 and above.
Profit Forecasts and Investment Ratings
Considering the continued release of innovative drugs, we raised the company's 2024, 2025, and 2026 revenue from 25.946 billion, 30.072 billion, and 35.280 billion yuan to 266.99, 310.24, and 35.523 billion yuan; and raised net profit to mother in 2024, 2025, and 2026 from 53.03, 60.00, and 7.06 billion yuan to 61.04, 63.04, and 8.084 billion yuan. Maintain a “buy” rating.
Risk warning: risk of policy changes, risk of R&D failure, business risk, increased risk of market competition
