新药周观点：Biotech2024年报总结，合计归母净利润有望2026年扭亏-20250511

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The domestic biotech innovation drug companies are gradually entering a commercialization phase, with losses narrowing significantly. The total net profit attributable to the parent company for 69 A-share and Hong Kong-listed biotech companies is expected to turn positive by 2026, following a trend of reducing losses by over 100 billion yuan annually since 2021 [3][25]. Summary by Sections Weekly New Drug Market Review - From May 5 to May 9, 2025, the top five companies in the new drug sector by stock price increase were Junsheng Tai (48.89%), Haichuang Pharmaceutical (22.76%), Zhongsheng Pharmaceutical (8.98%), Keji Pharmaceutical (5.90%), and Heng Rui Pharmaceutical (3.35%). The top five companies by stock price decrease were Fuhong Hanlin (-12.64%), Kanuo Pharmaceutical (-12.40%), Boan Biotechnology (-11.77%), Lepu Biopharma (-11.09%), and Yongtai Biopharma (-9.37%) [1][15]. Weekly New Drug Industry Analysis - In 2024, the 69 A-share and Hong Kong-listed biotech companies achieved a total operating revenue of 92.43 billion yuan, representing a year-on-year growth of 36%. The number of companies with revenue exceeding 100 million yuan increased to 50, a 22% year-on-year growth [2][20]. Net Profit Analysis - The total net profit attributable to the parent company for the 69 biotech companies was -19.36 billion yuan in 2024, a significant improvement from -32.58 billion yuan in 2023. This trend is expected to continue, with projections indicating a return to profitability by 2026 [3][25]. Research and Development Expenses - The total R&D expenses for the 69 biotech companies in 2024 were 46.55 billion yuan, a decrease of 5% year-on-year, indicating a slowdown in R&D investment due to the impact of the financing environment and the already high base of R&D expenses [4][26]. Sales Expenses - The total sales expenses for the 69 biotech companies reached 32.13 billion yuan in 2024, with a sales expense ratio of 35%, which has decreased compared to 2023 [4][30]. Cash Reserves - The total cash reserves for the 69 biotech companies were 81.87 billion yuan in 2024, a decrease of 13% year-on-year. Despite this decline, core biotech companies maintain sufficient cash reserves, with 23 companies having cash reserves exceeding 1 billion yuan [10][31]. New Drug Approval and Acceptance - In the past week, 10 new drug or new indication applications were approved, and 3 applications were accepted. Notable approvals include Meloxicam injection and various monoclonal antibodies [11][36].