华东医药：整体业绩保持稳健增长，创新管线布局持续丰富

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]