奥赛康：利润环比向上，早期分子具备BIC潜力

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company reported a revenue of 1.38 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 23.6%. The net profit attributable to shareholders was 130 million yuan, marking a turnaround from losses [3][4]. - The sales of existing products are performing well, leading to an upward revision of the 2024 revenue forecast to 1.79 billion yuan from the previous estimate of 1.66 billion yuan [4]. - The company has a healthy cash flow with over 2 billion yuan in cash on hand as of September 30, 2024. R&D expenses have significantly decreased to 170 million yuan, a 60% reduction year-on-year, as key clinical phases for several new drugs have been completed [4]. - The clinical progress of ophthalmic drugs is steady, with ASKG712 being the second global VEGF/ANG2 ophthalmic drug to enter clinical trials. It has completed Phase I studies and is currently in Phase IIa for treating nAMD and DME [5]. - The company is expected to achieve net profits of 196 million yuan, 246 million yuan, and 367 million yuan for 2024-2026, with corresponding EPS of 0.21 yuan, 0.27 yuan, and 0.40 yuan [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 1.38 billion yuan, with a single-quarter revenue of 460 million yuan in Q3, reflecting a year-on-year increase of 13.2% [3][4]. - The net profit for Q3 was 51 million yuan, showing a quarter-on-quarter increase [3]. Product Development - The company is advancing its innovative drug pipeline, with ASK120067 in the NDA stage and ASKC109 and ASKB589 in Phase III trials. These drugs are expected to be approved in the next 2-3 years, ensuring healthy future cash flows [4]. - The clinical development of ASKG712 is progressing well, with significant advantages in patient compliance due to reduced dosing frequency [5]. Market Position - The company has maintained a strong market position with its existing products, particularly in the categories of Nedaplatin and Right Levosimendan, which have not entered the tenth batch of centralized procurement [4].