HUADONG MEDICINE(000963) 华创证券·2024-11-10 05:58Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 46.6 CNY, while the current price is 36.0 CNY [1]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with total revenue of 31.478 billion CNY (+3.56%) and a net profit attributable to shareholders of 2.562 billion CNY (+17.05%) [1]. - The pharmaceutical manufacturing segment showed strong performance, with Q3 revenue of 3.243 billion CNY (+10.32%) and net profit of 755 million CNY (+20.44%) [2]. - The company is advancing its innovative research and development, currently having over 70 new products in various stages, including small molecules and ADCs [2]. Financial Summary - For 2024-2026, the company is expected to achieve net profits of 3.39 billion CNY, 3.94 billion CNY, and 4.52 billion CNY, representing growth rates of 19.3%, 16.4%, and 14.7% respectively [3]. - The estimated valuation for the pharmaceutical manufacturing segment in 2025 is 63.1 billion CNY, with a total company valuation of 81.8 billion CNY [3]. - Key financial metrics include total revenue projections of 44.838 billion CNY for 2024, with a year-on-year growth rate of 10.4% [7].