华熙生物：持续深化变革，盈利端承压

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5][8]. Core Insights - The company reported a revenue of 3.875 billion yuan for the first three quarters of 2024, a year-on-year decline of 8.21%, and a net profit attributable to shareholders of 362 million yuan, down 29.62% year-on-year [5][6]. - The gross margin remains stable at 73.93%, while the net profit margin has decreased to 9.34% [6][8]. - The company is focusing on biological research and product innovation, launching new products in regenerative medicine and aesthetic medicine [7][8]. - The cosmetics segment is undergoing transformation, with a focus on hyaluronic acid and cell biology research, aiming for improved performance in the skincare market [8]. Financial Summary - For the first three quarters of 2024, the company reported a revenue of 38.75 billion yuan, a decrease of 8.21% year-on-year, and a net profit of 3.62 billion yuan, down 29.62% year-on-year [5][13]. - The projected net profits for 2024 to 2026 are revised to 5.12 billion yuan, 6.32 billion yuan, and 7.46 billion yuan, respectively, with corresponding price-to-earnings ratios of 57, 46, and 39 [8][9]. - The company’s total revenue for 2023 was 6.076 billion yuan, with a projected revenue of 5.992 billion yuan for 2024, indicating a slight decline [9][15].