昊海生科：集采短期影响业绩增速，看好“海魅月白”未来放量

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's revenue for Q1-Q3 2024 reached 2.075 billion yuan, a year-on-year increase of 4.69%, while the net profit attributable to shareholders was 341 million yuan, up 4.31% year-on-year. However, Q3 revenue growth slowed to 0.22% due to the impact of price reductions from centralized procurement in the ophthalmology sector, leading to a decline in net profit by 13.13% [1] - The high-end hyaluronic acid product "Haimai Yuebai" is expected to become a new bestseller, supported by the ongoing development of the medical aesthetics marketing team [1] - The company is actively enhancing its R&D efforts, with a total R&D investment of 188 million yuan in Q1-Q3 2024, representing a year-on-year increase of 22.04% [1] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 2.914 billion yuan, with a year-on-year growth rate of 9.8%. The net profit attributable to shareholders is expected to be 453 million yuan, reflecting an 8.8% increase year-on-year [2][9] - The company's gross margin for Q3 2024 was 70.21%, a decrease of 2.63 percentage points year-on-year, indicating significant fluctuations in profitability [1] - The sales expense ratio decreased to 28.23% in Q3 2024, primarily due to reduced marketing expenses following the implementation of centralized procurement [1] Product Development and Market Position - The company is focusing on expanding its medical aesthetics marketing team, with plans to increase the sales team for hyaluronic acid products, which saw a revenue increase of 51.30% year-on-year in H1 2024 [1] - The fourth-generation hyaluronic acid product "Haimai Yuebai" received approval in July 2024, offering improved safety and longer-lasting effects, which will complement the existing product lines [1] - The company has a robust pipeline of R&D projects, with several products in various stages of clinical trials and registration, indicating a strong commitment to innovation [1]