君实生物：商业化表现亮眼，利润端同比、环比显著减亏

Investment Rating - The report maintains a "Buy" rating for Junshi Biosciences-U (688180 SH) [1][3] Core Views - Junshi Biosciences achieved significant revenue growth in Q3 2024 with a 53 16% YoY increase reaching 485 million RMB [1] - The company's core product Toripalimab showed rapid sales growth with Q1-3 2024 sales of 1 068 billion RMB a 60% YoY increase and Q3 sales of 397 million RMB a 79% YoY increase [1] - Both YoY and QoQ net losses narrowed significantly in Q3 2024 with a 31 17% YoY and 22 13% QoQ reduction in net loss attributable to shareholders [1] - The company's internationalization process is accelerating with Toripalimab approved in over 30 countries and regions including China Hong Kong the US the EU and India [1] Financial Performance - For Q1-3 2024 the company reported revenue of 1 271 billion RMB a 28 87% YoY increase and a net loss attributable to shareholders of 927 million RMB a 34 12% YoY reduction [1] - Q3 2024 saw a gross margin of 76 31% up 3 05 percentage points YoY [1] - The company's sales expense ratio decreased by 4 45 percentage points YoY to 52 78% in Q3 2024 while R&D expense ratio decreased by 34 08 percentage points to 67 59% [1] Product Pipeline and Commercialization - Toripalimab has 10 approved indications with two more under review including 1L melanoma and 1L HCC in combination with bevacizumab [1] - The company's PCSK9 monoclonal antibody has been approved for marketing [1] - BTLA monoclonal antibody LS-SCLC is in global Phase 3 clinical trials with first patient dosing completed in China the US Europe and Japan [1] Future Outlook - Revenue is projected to grow significantly with forecasts of 1 806 billion RMB in 2024 2 628 billion RMB in 2025 and 3 804 billion RMB in 2026 representing YoY growth rates of 20 2% 45 5% and 44 7% respectively [1] - The company is expected to turn profitable by 2026 with a projected net profit of 216 million RMB [1] - The domestic commercialization process is expected to accelerate with increasing medical insurance coverage and the launch of new indications and products [1]