君实生物：核心产品放量，亏损逐季收窄

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [8]. Core Views - The company's core product, Toripalimab, is experiencing rapid sales growth, contributing to a narrowing of losses. In Q3 2024, the company reported revenue of 485 million yuan, a year-on-year increase of 53.16% and a quarter-on-quarter increase of 19.71%. The net profit attributable to shareholders was -282 million yuan, a year-on-year increase of 31.17% and a quarter-on-quarter increase of 22.13% [4][6]. - The company has made significant progress in internationalization, with Toripalimab receiving FDA approval in October 2023 for the U.S. market. The product is also approved in the EU, India, and other regions, which is expected to enhance sales and improve overall performance [4][6]. - The company has a strong cash position, with 3.045 billion yuan in cash and financial assets as of Q3 2023, which supports ongoing research and development efforts [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.271 billion yuan, a year-on-year increase of 28.87%. The net profit attributable to shareholders was -927 million yuan, a year-on-year increase of 34.12% [4]. - In Q3 2024, the company reported a net profit attributable to shareholders of -282 million yuan, with a year-on-year growth of 31.17% and a quarter-on-quarter growth of 22.13% [4]. Product Development - Toripalimab has received approval for 10 indications in China, with 6 included in the national medical insurance directory. Other products, such as JS004 and JS005, are in advanced stages of development [4][6]. - The company has reduced R&D expenses to 874 million yuan in the first three quarters of 2024, a decrease of 31.19% year-on-year, reallocating funds to more promising projects [6]. Market Outlook - The company is expected to benefit from diverse innovative outcomes in the coming years, with projected EPS for 2024-2026 at -1.42 yuan, -0.74 yuan, and 0.15 yuan, respectively [6].