华熙生物：医疗终端业务增长较好，坚持研发和创新的长期战略

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][10][12] Core Views - The company's revenue for the first three quarters of 2024 was 3.875 billion yuan, a year-on-year decrease of 8.21%, with a net profit attributable to shareholders of 362 million yuan, down 29.62% year-on-year. The third quarter alone saw revenue of 1.064 billion yuan, a decline of 7.14% year-on-year, and a net profit of 20 million yuan, down 77.44% year-on-year [5][10] - The company is undergoing a transformation in its skincare business and internal management changes, which have temporarily impacted performance. However, the introduction of new medical beauty products and adjustments in the skincare business are expected to lead to a gradual recovery in future performance [5][10] - The medical terminal business has shown strong growth, with a 45% increase in the first three quarters, driven by an improved product matrix and increased coverage of medical beauty institutions [5][10][11] Financial Summary - The company's gross margin in the third quarter was 72.38%, an increase of 1.25 percentage points year-on-year, benefiting from a higher proportion of high-margin medical beauty products [6][10] - Operating cash flow for the first three quarters was 274 million yuan, a year-on-year increase of 16.67%, indicating good cash flow conditions [6][10] - The report projects a decline in net profit for 2024-2026, with revised estimates of 534 million yuan, 636 million yuan, and 775 million yuan for those years, respectively, reflecting ongoing adjustments in the brand and organizational structure [10][11]