华熙生物2024三季报点评：组织持续变革，坚持科技驱动

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is undergoing an adjustment phase, with revenue and profit under pressure, leading to a downward revision of earnings forecasts. The expected EPS for 2024-2026 is projected at 1.08 (-0.43), 1.59 (-0.55), and 2.01 (-0.69) yuan respectively. The overall cost reduction potential is significant, and the company has substantial room for profit improvement compared to peers in the medical beauty sector. A PS valuation method is used, with a target price raised to 78.86 (+16.05) yuan, reflecting a market sentiment recovery [2][4] Financial Summary - For Q1-Q3 2024, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 387.5 million, 36.2 million, and 32.7 million yuan, respectively, showing declines of 8%, 30%, and 25% year-on-year. Q3 figures were 106 million, 2 million, and 1.1 million yuan, with year-on-year declines of 7%, 77%, and 85% [2] - The gross margin for Q3 2024 was 72.4%, up 1.2 percentage points year-on-year, primarily due to an increase in the proportion of high-margin medical terminal business. The net profit margin was 1.7%, down 5.7 percentage points year-on-year, attributed to revenue decline and rigid expense rates [2] - The company’s sales, management, and R&D expense ratios for Q3 2024 were 42.5%, 16.6%, and 10.6%, showing year-on-year changes of -3.1, +6.6, and +2.7 percentage points respectively [2] Business Performance - The medical beauty segment performed relatively well, with medical terminal revenue expected to grow approximately 45% year-on-year for Q1-Q3 2024. The company’s new medical beauty products are set to launch in Q4 2024, with expectations for significant growth in 2025 [2] - The company is focusing on two main directions: glyco-biology and regenerative medicine, with new skincare products being launched. The management team has been adjusted, and the company is concentrating on precise cell regulation and self-repair mechanisms [2]