HUADONG MEDICINE(000963) 东吴证券·2025-04-21 13:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profit performance slightly exceeded expectations, with notable growth in the industrial and industrial microbiology segments [7] - In 2024, the company achieved total revenue of 41.906 billion yuan, representing a year-on-year growth of 3.16%, and a net profit attributable to shareholders of 3.512 billion yuan, up 23.72% year-on-year [7] - The industrial segment saw rapid growth, with core subsidiary China Medical East achieving sales revenue of 13.811 billion yuan, a 13.05% increase, and a net profit of 2.876 billion yuan, up 29.04% [7] - The industrial microbiology segment reported a significant revenue increase of 43.12%, with various sub-segments showing strong growth [7] - The aesthetic medicine segment experienced a decline in overseas revenue but maintained growth in domestic revenue, with total revenue of 2.326 billion yuan, down 4.94% year-on-year [7] - The company has a rich pipeline of products under development, focusing on oncology, endocrinology, and autoimmune diseases, with over 80 innovative drug candidates [7] - The profit forecast for 2025-2026 has been adjusted, with expected net profits of 4.014 billion yuan and 4.539 billion yuan, respectively, corresponding to a P/E ratio of 17 and 15 [7] Financial Summary - Total revenue for 2023 is projected at 40.624 billion yuan, with a year-on-year growth of 7.71% [1] - The net profit attributable to shareholders for 2023 is estimated at 2.839 billion yuan, reflecting a year-on-year increase of 13.59% [1] - The latest diluted EPS for 2023 is expected to be 1.62 yuan per share, with a P/E ratio of 24.30 [1] - The company’s total assets are projected to reach 37.879 billion yuan by 2024, with total liabilities of 14.315 billion yuan [8] - The cash flow from operating activities for 2024 is expected to be 3.749 billion yuan [8]