有望为国内银屑病患者提供更可负担的用药选择。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，11月5日，华东医药（000963.SZ）发布公告，其下属杭州中美华东制药有限公 司（下称"中美华东"）收到国家药监局（NMPA）核准签发的《药品注册证书》，由中美华东与荃 信生物（2509.HK）联合开发的乌司奴单抗注射液赛乐信（研发代码：HDM3001/QX001S）的上 市许可申请获得批准，用于治疗成年中重度斑块状银屑病，成为国内首个乌司奴单抗注射液生物类似 药。 赛乐信是原研产品Stelara（喜达诺，乌司奴单抗注射液）的生物类似药，为一款白介素IL-12/23 单抗药物。据强生公司2023年报，2023年Stelara在全球的销售额为108.58亿美元（约767.29亿 元人民币）。米内网数据显示，2023年喜达诺在中国的销售额为13.22亿元人民币。 此次赛乐信获批上市，有望为国内银屑病患者带来更可负担的用药选择。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ QX001S最初由荃信生物自主研发，2020年8月， ...

2024年11月5日，华东医药股份有限公司（以下简称"公司"）全 资子公司杭州中美华东制药有限公司（以下简称"中美华东"）收到国 家药品监督管理局（NMPA）核准签发的《药品注册证书》，由中美 华 东 申 报 的 乌 司 奴 单 抗 注 射 液 （ 赛 乐 信 ® ） （ 研 发 代 码 ： HDM3001/QX001S）的上市许可申请获得批准，用于治疗成年中重 度斑块状银屑病。现将有关详情公告如下： 一、该药物基本信息内容 证券代码：000963 证券简称：华东医药 公告编号：2024-088 华东医药股份有限公司 关于全资子公司获得药品注册证书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 药品通用名称：乌司奴单抗注射液 英文名/拉丁名：Ustekinumab Injection 商品名称：赛乐信 剂型：注射剂 规格：预充式注射器：45mg（0.5ml）/支 申请事项：药品注册（境内生产） 注册分类：治疗用生物制品 受理号：CXSS2300065 证书编号：2024S02620 药品批准文号：国药准字S20240050 1 适应症：斑块状银屑病。本 ...

Investment Rating - The report assigns a "Buy" rating for Huadong Medicine (000963.SZ) for the first time [2][5]. Core Views - Huadong Medicine is positioned at a critical stage where its pharmaceutical and medical aesthetics sectors are expected to enter a rapid growth phase, leveraging its strong commercial resources accumulated from its generics sales [3][4]. - The company has achieved a compound annual growth rate (CAGR) of 8% in revenue and 11% in net profit from 2021 to 2023, indicating robust performance [10]. - The report anticipates revenue of 431 billion yuan, 462 billion yuan, and 488 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 36 billion yuan, 43 billion yuan, and 52 billion yuan for the same years [5][3]. Summary by Sections Company Profit Forecast and Valuation - Revenue (in million yuan) is projected to grow from 40,624 in 2023A to 48,751 in 2026E, with a year-on-year growth rate of 8%, 6%, 7%, and 5% respectively [1]. - Net profit (in million yuan) is expected to increase from 2,839 in 2023A to 5,173 in 2026E, with a year-on-year growth rate of 14%, 28%, 19%, and 20% respectively [1]. - Earnings per share (in yuan) are forecasted to rise from 1.62 in 2023A to 2.95 in 2026E [1]. Pharmaceutical Industry - The pharmaceutical segment has completed its bottoming process, with innovative products entering the monetization phase. Key products include Bailing capsules and Acarbose tablets, which have faced price reductions and increased competition [10][15]. - The company has made significant strides in R&D, with a focus on chronic diseases and oncology, and has several innovative products in the pipeline [15][22]. Medical Aesthetics - The medical aesthetics business has shown rapid growth, with a comprehensive product line that includes over 40 high-end aesthetic products, of which 26 are already launched [25][26]. - The company has established a strong presence in the medical aesthetics market through strategic acquisitions and partnerships, enhancing its product offerings in non-surgical aesthetic procedures [25][26]. Investment Theme - Huadong Medicine is leveraging its extensive experience in the pharmaceutical industry to optimize its business structure, focusing on high-margin sectors such as manufacturing and medical aesthetics [4][10].

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company has demonstrated steady revenue growth, with a reported revenue of RMB 31.478 billion for Q1-Q3 2024, reflecting a year-on-year increase of 3.56%. The net profit attributable to shareholders reached RMB 2.562 billion, up 17.05% year-on-year [3][4]. - The medical aesthetics segment is experiencing overall positive growth, with domestic revenue increasing steadily despite challenges in overseas markets. The domestic subsidiary, Xinkeli Aesthetics, reported revenue of RMB 909 million, a 10.31% increase year-on-year [4]. - The company continues to invest in research and development, with R&D expenditure of RMB 1.607 billion in Q1-Q3 2024, representing 11.69% of the pharmaceutical industrial revenue. The innovative product pipeline has exceeded 70 projects [4]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of RMB 31.478 billion, a 3.56% increase year-on-year, and a net profit of RMB 2.562 billion, up 17.05% year-on-year. In Q3 2024 alone, revenue was RMB 10.513 billion, a 5.03% increase year-on-year, with a net profit of RMB 866 million, up 14.71% year-on-year [3][4]. - The pharmaceutical industrial segment reported revenue of RMB 9.941 billion for Q1-Q3 2024, a 10.53% increase year-on-year, while the pharmaceutical commercial segment achieved revenue of RMB 20.571 billion, a 1.38% increase year-on-year [4]. Market Segments - The medical aesthetics segment reported revenue of RMB 1.909 billion for Q1-Q3 2024, a 1.90% increase year-on-year. The UK subsidiary, Sinclair, faced a revenue decline of 20.30% to approximately RMB 776 million due to global economic challenges, while the domestic subsidiary saw a 10.31% increase in revenue [4]. Research and Development - The company invested RMB 1.607 billion in R&D for Q1-Q3 2024, with direct R&D spending of RMB 1.149 billion. The focus areas for innovation include endocrinology, autoimmune diseases, and oncology, with over 70 projects in the pipeline [4]. Valuation - The projected net profits for 2024, 2025, and 2026 are RMB 3.447 billion, RMB 4.113 billion, and RMB 4.975 billion, respectively, with corresponding EPS of RMB 1.96, RMB 2.34, and RMB 2.84. The price-to-earnings ratios are expected to be 17.2x, 14.4x, and 11.9x for the respective years [4][5].

证券代码：000963 证券简称：华东医药 编号：2024-009 华东医药股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------|----------------------------|-----------------------------------------------------------------------------------------------------------------------------| | | □特定对象调研 | □分析师会议 | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | ☑ 其他 华东医药 2024 年三季度业绩交流会 | | | | 参与单位：国联证券、中金公司、兴业证券、中信建投、银河证券、国 | | | | 金证券、华福证券、广发证券、中信证券、海通证券、太平洋证券、西 | | | | 部证券、东方财富证券、德邦证券、华创证券、天风证券、华西证券、 | | | | 中欧基金、贝莱德资产、嘉实基金、汇添富基金、建信基金 ...

Investment Rating - The report maintains a "Recommended" rating for Huadong Medicine [1][6] Core Views - The company reported a revenue of 31.478 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 3.56%. The net profit attributable to shareholders was 2.562 billion yuan, up 17.05% year-on-year [2] - The pharmaceutical industrial segment showed robust growth, with revenue reaching 9.941 billion yuan in the first three quarters, a 10.53% increase year-on-year [3] - The company is actively expanding its product pipeline, with over 70 innovative products in development, focusing on endocrine, autoimmune, and oncology fields [4] - The company is expected to achieve net profits of 3.342 billion yuan, 3.874 billion yuan, and 4.414 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 17.71%, 15.94%, and 13.93% [5][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 2.562 billion yuan, with a quarterly net profit of 866 million yuan, reflecting a 14.71% increase year-on-year [2] - The pharmaceutical industrial segment's revenue for the third quarter was 3.243 billion yuan, a 10.32% increase year-on-year, with a net profit of 755 million yuan, up 20.44% [3] - The company’s R&D investment in the pharmaceutical industrial segment was 1.607 billion yuan, a 0.60% increase year-on-year, with direct R&D expenses accounting for 11.69% of the segment's revenue [4] - The projected revenue for 2024 is 43.665 billion yuan, with a growth rate of 7.49% [6]

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance of a pharmaceutical company in the context of the macroeconomic environment and the pharmaceutical industry, which is facing uncertainties and challenges [1][5]. Key Financial Performance - The company reported a strong third-quarter performance, achieving total revenue of 31.478 billion yuan for the first three quarters, a year-on-year increase of 3.56% [1]. - Net profit for the same period reached 2.562 billion yuan, up 17.05% [1]. - In Q3 alone, revenue was 10.513 billion yuan, reflecting a growth of 5.03%, with net profit at 866 million yuan, a 14.71% increase [1]. - The pharmaceutical industrial segment generated 9.941 billion yuan in revenue, a 10.5% increase year-on-year, with net profit of 2.14 billion yuan, up 14.49% [1]. - The medical business segment saw revenue of 20.57 billion yuan, a 1.38% increase, and net profit of 323 million yuan, up 2.09% [1]. Product and Market Developments - The company is expanding its international market presence, with sales in the industrial segment reaching 443 million yuan, a 30.17% increase year-on-year [2]. - Several innovative products are expected to launch soon, including various injection solutions and capsules, which will enhance future growth [2]. - The company is actively pursuing clinical trials and regulatory approvals for new products, including treatments for diabetes and cancer [2][3]. Regulatory and Compliance Environment - The ongoing anti-corruption efforts are seen as beneficial for the pharmaceutical industry, promoting compliance and reducing marketing costs [5]. - The company is committed to maintaining a compliant operational framework, which is expected to enhance market conditions for compliant enterprises [5]. Research and Development Focus - The company is focusing on GLP-1 and other innovative drug development, with several projects in advanced clinical stages [6]. - There is a strong emphasis on developing ADC (Antibody-Drug Conjugates) and ProTech (Protein Degradation) technologies, with multiple projects underway [12][18]. Market Outlook and Strategic Initiatives - The company anticipates continued growth in its pharmaceutical industrial segment, driven by stable core products and new launches [10]. - The medical aesthetics segment is also expected to grow, with new product launches and market penetration strategies [17]. - The company is optimistic about maintaining a high dividend payout ratio, reflecting its strong financial performance and commitment to shareholder returns [16]. Additional Insights - The company is actively managing accounts receivable, with a focus on maintaining a healthy cash flow and minimizing risks associated with receivables [9]. - The competitive landscape in the regenerative medicine market is intensifying, but the company believes in its differentiated product offerings to sustain growth [15]. This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, product developments, regulatory environment, R&D focus, market outlook, and strategic initiatives.

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The report highlights stable revenue growth and the continuous advancement of the innovation pipeline, indicating a positive long-term growth outlook for the company [2] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 31.478 billion yuan, an increase of 3.56%, and a net profit attributable to shareholders of 2.562 billion yuan, up 17.05%. The third quarter alone saw revenue of 10.513 billion yuan, growing by 5.03%, and a net profit of 866 million yuan, increasing by 14.71% [8] - The company maintains its EPS forecasts for 2024-2026 at 1.93, 2.25, and 2.55 yuan respectively, and has raised the target price to 42.75 yuan from the previous 39.29 yuan [8] Business Segment Performance - The pharmaceutical manufacturing segment generated revenue of 9.941 billion yuan, up 10.53%, with a net profit of 2.140 billion yuan, increasing by 14.49%. The third quarter saw a revenue growth of 10.32% and a net profit growth of 20.44% [8] - The industrial microbiology segment reported revenue of 443 million yuan, a significant increase of 30.17%, driven by expanding overseas markets and an increasing number of cooperative clients [8] - The medical aesthetics segment achieved a total revenue of 1.909 billion yuan, with the core product "少女针" generating 909 million yuan, reflecting a 10.31% increase [8] Innovation Pipeline - As of Q3 2024, the company has over 70 innovative products in its pipeline, with several expected to receive approval between 2024 and 2025, including ADC drugs and diabetes treatment options [8] Market Data - The current stock price is 34.22 yuan, with a target price of 42.75 yuan, indicating a potential upside [3] - The company has a total market capitalization of 60.031 billion yuan and a net asset value per share of 12.56 yuan [4][5]

Investment Rating - The report maintains a "Buy" rating for Huadong Medicine, indicating an expected stock price increase of over 20% relative to the market benchmark within the next 6 months [8]. Core Views - The company reported strong performance in Q1-Q3 2024, with revenues of 31.48 billion yuan, a year-on-year increase of 3.6%, and a net profit of 2.56 billion yuan, up 17.1% year-on-year [1]. - The pharmaceutical commercial sector is stabilizing, while the pharmaceutical manufacturing sector shows steady growth [1]. - The company has a rich pipeline of innovative products, with several key drugs expected to be approved soon, providing strong long-term growth potential [1]. Financial Performance Summary - For Q1-Q3 2024, the industrial segment (including CSO) generated revenues of 9.94 billion yuan, a 10.5% increase year-on-year, with a net profit of 2.14 billion yuan, up 14.49% [1]. - The commercial segment's revenue was 20.57 billion yuan, growing 1.4% year-on-year, with a net profit of 320 million yuan, an increase of 2.1% [1]. - The medical aesthetics segment reported revenue of 1.91 billion yuan, a 1.9% increase year-on-year, with significant contributions from domestic subsidiaries [1]. - The company expects revenues of 43.78 billion yuan for 2024, with net profits projected at 3.33 billion yuan, reflecting a growth rate of 17% [2][6]. Pipeline and Product Development - The report highlights several key products in the pipeline, including GLP-1 small molecules and various cancer treatments, with expected clinical trial results and regulatory submissions in the near future [1]. - The company is advancing multiple innovative drugs, including a GLP-1/GIP dual-target agonist and a three-target agonist for obesity and hypertriglyceridemia [1]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 18, 17, and 16 respectively, indicating a favorable valuation outlook [1][2]. - The report provides a detailed financial forecast, with expected revenues and net profits showing consistent growth over the next few years [2][6].

Investment Rating - The report maintains a "Buy" rating for Huadong Medicine (000963.SZ) [1][2] Core Views - The company reported a revenue of 31.478 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 4%. The net profit attributable to shareholders was 2.562 billion RMB, up 17% year-on-year [1] - The pharmaceutical manufacturing segment continues to show a stable growth trend, with a revenue of 9.94 billion RMB in the first three quarters, a 10.53% increase year-on-year [2] - The company has over 70 innovative products in its pipeline, focusing on endocrine, autoimmune, and oncology fields, with significant progress in clinical trials [2] Summary by Sections Performance Overview - For Q3 2024, the company achieved a revenue of 10.513 billion RMB, a 5% increase year-on-year, and a net profit of 866 million RMB, up 15% year-on-year [1] - The pharmaceutical commercial segment showed signs of stabilization, with a total revenue of 20.571 billion RMB in the first three quarters, a 1.38% increase year-on-year [2] Business Segments - The aesthetic medicine segment generated a revenue of 1.909 billion RMB in the first three quarters, a 1.90% increase year-on-year, with the Xin Ke Li aesthetic business contributing 909 million RMB, up 10.31% [2] - The industrial microbiology segment saw a significant increase in international market expansion, achieving a revenue of 443 million RMB, a 30.17% increase year-on-year [2] Research and Development - The company is actively advancing its R&D efforts, with a focus on endocrine, autoimmune, and oncology areas, and has established a robust pipeline of over 70 innovative products [2] - Notable developments include the ADC new drug for platinum-resistant ovarian cancer, currently under comprehensive review for market approval in China [2] Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2026, expecting net profits of 3.36 billion RMB (+18%), 3.94 billion RMB (+17%), and 4.57 billion RMB (+16%) respectively [2] - Corresponding EPS for 2024-2026 is projected at 1.92, 2.25, and 2.61 RMB, with current P/E ratios of 18, 15, and 13 times [2]