昊海生科：2024年三季报点评：24Q1-Q3收入同比+5%，细分赛道产品布局丰富

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company achieved a revenue of 2.075 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 4.69%. The net profit attributable to shareholders was 341 million yuan, up 4.31% year-on-year [1]. - The company has a comprehensive business layout with strong competitiveness in ophthalmology and medical aesthetics. The hyaluronic acid product "Hai Mei" has gained market recognition for its high-end positioning and continues to grow rapidly [1]. - The company is expected to achieve revenues of 2.927 billion, 3.558 billion, and 4.102 billion yuan in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.3%, 21.6%, and 15.3% [1][2]. Financial Performance Summary - For Q1-Q3 2024, the gross profit margin was 70.42%, a decrease of 1.23 percentage points year-on-year. The net profit margin for the same period was 15.23%, down 1.27 percentage points year-on-year [1]. - The company’s revenue for Q3 2024 was 670 million yuan, a slight increase of 0.22% year-on-year, while the net profit for the same period was 106 million yuan, down 13.13% year-on-year [1]. - The projected earnings per share for 2024, 2025, and 2026 are 2.08 yuan, 2.51 yuan, and 2.99 yuan, respectively, with corresponding PE ratios of 34, 28, and 24 [2][5]. Business Segments - The company has a strong presence in the medical aesthetics sector, with significant growth in its hyaluronic acid product line. The fourth-generation organic cross-linked hyaluronic acid product "Hai Mei Yue Bai" received regulatory approval in July 2024 [1]. - In the ophthalmology sector, the company leads the market in ophthalmic viscoelastic devices and is advancing clinical trials for its second-generation aqueous-permeable PRL product [1]. - The orthopedic segment is also a key area, with the company being the largest domestic producer of joint cavity viscoelastic supplements [1].