According to Guosen Securities' research report, 3sbio (01530) achieved revenue of 4.389 billion yuan (+16.0%) in the first half of 2024, with a gross profit of 3.797 billion yuan (+18.6%), and the gross margin increased to 86.5% (+1.9 percentage points); the company achieved a net income of 1.09 billion yuan (+11.1%), and an adjusted operation net income of 1.112 billion yuan (+1.5%). The business sectors of biopharmaceuticals and hair health have achieved rapid growth.
The bank pointed out that 3sbio has a layout of multiple pipeline developments in the fields of nephrology, hematology and oncology, immunology, and hair and skin health. In the field of nephrology, the marketing application for long-acting EPO (SSS06) has been accepted. In the field of hematology and oncology, the phase 2 clinical trial of 707 (VEGF/PD-1 dual antibody) is ongoing. In the field of immunology, the phase 3 clinical trial of 608 has been completed and is expected to apply for marketing in the second half of the year; products such as 613, 611, and 610 have entered phase 3 clinical trials. In the field of hair and skin health, the bridging clinical trial of the introduced product Winlevi has started patient enrollment.
The bank stated that it maintains the company's profit forecast, and it is estimated that the company's net income attributable to owners of the parent company will be 1.93/2.15/2.42 billion yuan in 2024-2026, with a year-on-year growth of 24.7%/11.4%/12.6%, corresponding to a current stock price PE ratio of 6.9/6.2/5.5. The company has a solid growth and a good profit level, and the R&D pipeline is about to enter a harvest period. It maintains a rating of 'outperform the market'.