华东医药：业绩保持稳健增长，创新管线持续推进

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].