医药业务：医药工业保持利润端双位数成长，工业微生物呈现较快增长水平，医药商业出现一定改善。医药工业：2024 年1-9 月公司医药工业板块整体经营继续保持稳健向好趋势，实现营业收入99.41 亿元（含CSO 业务），同比增长10.53%，实现归母净利润21.40亿元，同比增长14.49%；其中第三季度实现营业收入32.43 亿元（含CSO 业务），同比增长10.32%，实现归母净利润7.55 亿元，同比增长20.44%；医药商业：公司医药商业整体经营呈现企稳回升势头，2024 年1-9 月合计实现营业收入205.71 亿元，同比增长1.38%，增速相较上半年出现一定改善，累计实现净利润3.23 亿元，同比增长2.09%。Description of the event
In the third quarter of 2024, the company achieved a total operating income of 10.513 billion yuan, an increase of 5.03% year on year; achieved net profit attributable to shareholders of listed companies of 0.866 billion yuan, an increase of 14.71% year on year; and realized net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss of 0.857 billion yuan, an increase of 16.93% year on year.
Incident comments
Pharmaceutical business: The pharmaceutical industry maintained double-digit growth on the profit side, industrial microbiology showed a relatively rapid growth level, and the pharmaceutical business showed certain improvements. Pharmaceutical industry: From January to September 2024, the overall operation of the company's pharmaceutical industry sector continued to maintain a steady and positive trend, achieving operating income of 9.941 billion yuan (including CSO business), up 10.53% year on year, and achieving net profit of 2.14 billion yuan, up 14.49% year on year; of these, the third quarter achieved operating income of 3.243 billion yuan (including CSO business), which increased 10.32% year on year, and achieved net profit to mother of 0.755 billion yuan, up 20.44 billion year on year %; Pharmaceutical business: The company's overall pharmaceutical business showed a steady upward trend. From January to September 2024, it achieved a total revenue of 20.571 billion yuan, an increase of 1.38% over the previous year. The growth rate showed a certain improvement over the first half of the year. The cumulative net profit was 0.323 billion yuan, an increase of 2.09% over the previous year.
Industrial microbiology: From January to September 2024, the total sales revenue was 0.443 billion yuan, an increase of 30.17% over the previous year, continuing the rapid growth trend in the first half of the year. With the continuous expansion of overseas markets and the continuous increase in the number of cooperative customers, the overall industrial microbiology sector is expected to continue to grow rapidly.
Medical and aesthetic business: Overseas medical and aesthetic growth is under pressure, and domestic medicine and aesthetics are gradually slowing down. Total revenue from January to September 2024 was 1.909 billion yuan (excluding internal offsetting factors), an increase of 1.90% over the previous year. As the company's global medical and aesthetic business operation platform, Sinclair in the UK is actively expanding the global market sales of its medical and aesthetic injectable fillers and EBD products for optoelectronic equipment. Affected by factors such as weak global economic growth, Sinclair achieved operating income of about 0.776 billion yuan from January to September 2024, a year-on-year decrease of 20.30%. Xinkley Aesthetics, a wholly-owned subsidiary of domestic medical and aesthetic medicine, actively explores the domestic market. From January to September 2024, it achieved operating income of 0.909 billion yuan, an increase of 10.31% over the previous year. It is estimated that in the third quarter of a single quarter, Hinckley Aesthetics achieved revenue of 0.29 billion yuan, which is a slight decrease compared to the same period last year.
Investment advice: In terms of medical and aesthetic business, the registration process for overseas core medical and aesthetic markets is being accelerated across the board. At the same time, the company will accelerate the launch of high-end international medical and aesthetic products in the domestic market. In terms of the pharmaceutical business, the company has many weight loss indications in the endocrine field with abundant reserves and great commercial value: HDM1002, an oral small molecule GLP-1 receptor agonist independently developed by the company, has completed all phase II clinical studies of weight management indications for overweight or obese people. It is expected to obtain top-line results in October 2024, and pre-III communication is expected in Q4 2024; the IND application for simeglutide injection liquid weight management indications was approved at the end of September 2024. EPS is expected to be 1.88, 2.20, and 2.61 yuan respectively in 2024-2026, maintaining a “buy” rating.
Risk warning
1. Industry policies and market operation risks;
2. The risk of uncertainty in the development of new drugs;
3. Investment merger and acquisition risk.
