18 Nov 2024 CMB International Global Markets | Equity Research | Company Update CSPC Pharmaceutical (1093 HK) Product sales under pressure 3Q24 results missed. In 9M24, CSPC's total revenue decreased by 3.5% YoY to RMB22.69bn and attributable net profit fell by 15.9% YoY to RMB3.78bn, accounting for 71% and 64% of our previous full-year estimates, respectively. In 3Q24, total revenue was RMB6.40bn (-17.8% YoY) and attributable net profit was RMB758mn (-50.4% YoY). GP margin decreased to 67.7% in 3Q24 (vs 70 ...