华东医药：乌司奴单抗注射液获批，创新研发稳步兑现

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company’s subsidiary, Hangzhou Sino-American Huadong Pharmaceutical Co., Ltd., received approval from the National Medical Products Administration (NMPA) for the marketing authorization of Ustekinumab injection (Selokimab®), the first biosimilar of Ustekinumab in China, for the treatment of moderate to severe plaque psoriasis in adults [1][10] - Ustekinumab's original drug sales exceed 10 billion annually, indicating a significant market opportunity for the company's biosimilar [1][10] - The company has over 70 innovative products in its pipeline, focusing on endocrine, autoimmune, and oncology fields, with several products in advanced clinical stages [1][3] Summary by Relevant Sections Business Analysis - Ustekinumab's original drug, Stelara®, developed by Johnson & Johnson, achieved global sales of 10.858 billion in 2023 [10][12] - The company’s innovative pipeline includes over 30 oncology products, with a notable ADC new drug application currently under review [1][3] - The company’s oral GLP-1 receptor agonist, HDM1002, has completed Phase II clinical trials for weight management in overweight or obese populations [1][3] Financial Forecasts and Valuation - The company is expected to achieve net profits of RMB 3.36 billion (+18%), RMB 3.94 billion (+17%), and RMB 4.57 billion (+16%) for the years 2024 to 2026, respectively [1][3] - Corresponding EPS for 2024-2026 is projected to be RMB 1.92, RMB 2.25, and RMB 2.61, with current P/E ratios of 18, 15, and 13 times [1][3]