强生Spravato获FDA批准，用于治疗TRD

Industry Investment Rating - The report maintains a positive outlook on the pharmaceutical industry [1] Core Views - The pharmaceutical sector underperformed the CSI 300 Index by 0.33 percentage points on January 23, 2025, with a decline of 0.15% [1] - Among pharmaceutical sub-sectors, medical equipment (+0.87%), offline pharmacies (+0.63%), and blood products (+0.50%) performed well, while medical R&D outsourcing (-0.27%), medical consumables (-0.17%), and in vitro diagnostics (-0.08%) lagged [1] - Johnson & Johnson's Spravato nasal spray received FDA approval for treating treatment-resistant depression (TRD) in adults, showing significant improvement in depressive symptoms within 24 hours and achieving the primary endpoint by the 4th week [2] Company Performance - Qianhong Pharmaceutical (002550) forecasts a net profit of 320-380 million yuan for 2024, a year-on-year increase of 75.96%-108.95%, with non-GAAP net profit of 250-300 million yuan, up 74.24%-109.09% [2] - Tuobo Biology (688767) expects a net profit of 170 million yuan for 2024, a 59.47% increase year-on-year, with non-GAAP net profit of 119 million yuan, up 49.53% [2] - Pien Tze Huang (600436) projects 2024 revenue of 10.769 billion yuan, a 7.06% increase, with net profit of 2.974 billion yuan, up 6.32%, and non-GAAP net profit of 3.043 billion yuan, a 6.62% rise [3] - Aomi Medical (002950) plans to repurchase 4.5454-9.0908 million shares, representing 0.72%-1.44% of its total shares, at a price not exceeding 11 yuan per share, with a total repurchase amount of 50-100 million yuan [3] Sub-Industry Ratings - Chemical pharmaceuticals: No rating [5] - Traditional Chinese medicine production: No rating [5] - Biological medicine II: Neutral [5]