BrightGene Bio-medical Technology(688166) Soochow Securities·2024-10-30 03:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 977 million yuan (+6.77% year-on-year) and a net profit attributable to shareholders of 177 million yuan (-7.5% year-on-year) [2] - R&D expenses significantly impacted profits, with a Q3 R&D investment of 79 million yuan (+30.53% year-on-year), leading to a 16.11% year-on-year increase in net profit when excluding R&D costs [3] - The innovation pipeline is progressing smoothly, with promising clinical data for BGM0504 in diabetes and weight loss indications [4] Summary by Sections Financial Performance - Q3 2024 revenue was 319 million yuan (-2.52% year-on-year), with a net profit of 71 million yuan (-13.73% year-on-year) [2][3] - The gross margin for Q3 was 63.58% (+0.42 percentage points), while the net margin was 20.22% (-3.71 percentage points) [3] R&D and Innovation - The company is focusing on high-difficulty generics and has made significant progress in its innovation pipeline, including the completion of Phase II clinical trials for BGM0504 [4] - The clinical data for weight loss showed significant average weight reduction percentages of 10.8%, 16.2%, and 18.5% for different dosage groups [4] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 2.08 billion yuan, 2.58 billion yuan, and 2.95 billion yuan respectively, with corresponding P/E ratios of 61, 50, and 43 [5] - The company maintains a positive outlook based on the continuous improvement of its product matrix and the successful advancement of its innovation pipeline [5]