华东医药2024年一季报点评：经营表现稳健，医美业务保持良好增长态势

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company reported a revenue of 10.411 billion yuan for Q1 2024, representing a year-on-year growth of 2.93%. The net profit attributable to shareholders was 0.862 billion yuan, up 14.18% year-on-year. The net profit excluding non-recurring items was 0.838 billion yuan, reflecting a growth of 10.66% year-on-year [6][7] - The medical beauty segment continues to show strong growth, with a revenue increase of 25.30% year-on-year, contributing significantly to the overall performance of the company [7] - The pharmaceutical industrial segment achieved a revenue growth of 10.53%, while the industrial microbiology segment grew by 23%. The pharmaceutical commercial segment experienced a slight decline in revenue due to high base effects from the previous year [6][7] Summary by Sections Financial Performance - For Q1 2024, the company achieved a total revenue of 10.411 billion yuan, with a year-on-year increase of 2.93%. The net profit attributable to shareholders was 0.862 billion yuan, marking a 14.18% increase year-on-year. The net profit excluding non-recurring items was 0.838 billion yuan, up 10.66% year-on-year [6][7] - The company’s net profit attributable to shareholders, after excluding non-recurring items, reached 0.928 billion yuan, which is a 22.45% increase compared to Q1 2023 [6] Business Segments - The medical beauty business continues to lead growth with a revenue of 0.630 billion yuan, growing 25.30% year-on-year. The domestic medical beauty subsidiary, Xinkeli Aesthetic, reported a revenue of 0.257 billion yuan, up 22.65% year-on-year [7] - The pharmaceutical industrial segment, including CSO business, generated a revenue of 3.399 billion yuan, reflecting a growth of 10.53% year-on-year. The industrial microbiology segment also showed robust growth with a 23% increase [6][7] Investment Outlook - The company is expected to maintain strong growth in its medical beauty segment, with ongoing clinical and registration work for various products. The pharmaceutical business is also expected to benefit from the successful launch of liraglutide injection, which is the first biosimilar of its kind approved in China [7] - EPS forecasts for 2024, 2025, and 2026 are projected to be 1.95, 2.26, and 2.50 yuan respectively, supporting the "Buy" rating [7]