Junshi Biosciences(688180) 光大证券·2024-11-17 02:16Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [5]. Core Insights - The company's core product, Toripalimab, has shown significant sales growth, achieving revenue of 1.068 billion yuan in the first three quarters of 2024, a year-on-year increase of approximately 60% [2]. - The company reported a net loss of 9.27 billion yuan for the first three quarters of 2024, which is a reduction in loss by 4.80 billion yuan compared to the previous year [1]. - The approval of Toripalimab for additional indications in Hong Kong enhances the company's commercial prospects and market competitiveness [2]. Financial Performance - For Q3 2024, the company achieved a revenue of 485 million yuan, representing a year-on-year growth of 53.2% [1]. - The net loss for Q3 2024 was 2.82 billion yuan, a reduction of 1.28 billion yuan compared to the same period last year [1]. - The company’s R&D investment reached 874 million yuan in the first three quarters of 2024, indicating strong commitment to pipeline development [3]. Revenue and Profit Forecast - The revenue forecast for 2024 is set at 1.784 billion yuan, with a projected growth rate of 18.73% [4]. - The net profit forecast for 2024 is a loss of 919 million yuan, improving to a profit of 340 million yuan by 2026 [4]. - The report anticipates continued improvement in profitability as the company focuses on core R&D projects and expands its market presence [3][4].