华熙生物：公司信息更新报告：组织管理变革仍在有序推进，期待重回增长轨道

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing an organizational management transformation, which is expected to lead to a return to growth after a challenging third quarter due to a sluggish consumer environment and ongoing changes [1][3] - The company reported a revenue of 3.875 billion yuan for the first three quarters of 2024, a decrease of 8.2% year-on-year, and a net profit of 362 million yuan, down 29.6% [1] - The third quarter alone saw revenues of 1.064 billion yuan, down 7.1%, and a net profit of 204 million yuan, down 77.4% [1] - The earnings forecast for 2024-2026 has been revised downwards, with expected net profits of 563 million yuan, 722 million yuan, and 901 million yuan respectively [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the gross margin was 73.9%, an increase of 0.9 percentage points [2] - The sales expense ratio improved to 42.1%, down 3.9 percentage points, indicating enhanced operational efficiency [2] - Research and development expense ratio increased to 8.1%, reflecting a commitment to R&D investment [2] - Management expense ratio rose to 10.9%, up 3.3 percentage points [2] Business Developments - The company has completed the "Hua Xi Bio Intermediate Product Transformation Center," which can support various bioactive raw materials for small-scale commercial production [2] - The self-developed "Sodium Hyaluronate Injection Compound Solution" received approval, marking a significant milestone in the medical aesthetics sector [2] - New product launches in September, including "Run Bai Yan Collagen Tightening Cream" and "Quadi CT50 Anti-Sagging Cream," are anticipated to help revive the functional skincare segment [2][3] Future Outlook - The company is focused on internationalization to maintain its global market share in hyaluronic acid and is enhancing its product structure through foundational R&D [3] - New product releases in October aim to expand the product matrix and tap into niche markets [3] - The company expects its four major brands in functional skincare to return to growth after the adjustment period [3]