三生国健2024年三季报点评：业绩符合预期，IL-17有望Q4递交NDA

Investment Rating - The investment rating for the company is "Accumulate" [2][12] Core Views - The company's performance is in line with expectations, with core product Yisaipu showing gradual impacts from centralized procurement, while Saiputing and Jianipai continue to achieve high growth. The clinical pipeline is progressing steadily, with the IL-17 monoclonal antibody expected to submit its NDA in Q4 2024 [3][9] Financial Summary - For the first three quarters of 2024, the company reported revenue of 939 million yuan (+28.6%) and a net profit attributable to shareholders of 233 million yuan (+42.2%). In Q3 alone, revenue was 343 million yuan (+35.6%) and net profit was 104 million yuan (+49.7%) [9][10] - The revenue from core products for Q1-Q3 2024 was 778 million yuan (+19.3%), with Yisaipu revenue at 480 million yuan (+5.9%), Saiputing at 260 million yuan (+53.5%), and Jianipai at 40 million yuan (+30.2%) [9][10] - The sales expense ratio decreased significantly to 16.4% in Q3 2024, while R&D investment increased by 54.1% year-on-year to 350 million yuan [9][10] Clinical Pipeline - The clinical progress of the core pipeline is advancing faster than expected, with the IL-17 monoclonal antibody (608) completing its Phase III trial for psoriasis and expected to submit its NDA in Q4 2024. Other candidates are also progressing through various clinical phases [9][10] Valuation - The absolute valuation of the company indicates a reasonable equity value of 19.023 billion yuan, corresponding to a target price of 30.84 yuan per share [12][14]