华东医药（000963.SZ）业绩回顾：3Q26收入符合预期而净利润略低于预期；目标价下调至34元；中性评级

Huadong released its 3Q26 results on Oct 28, 2026. Revenue was mostly in line with GSe, but a slightly lower-than-expected EBIT margin and a higher-than-expected non-operating loss meant net profit moderately missed expectations. In 9M26, innovative products and licensing-related revenue grew strongly and accounted for a rising share of pharmaceutical manufacturing revenue. Key in-licensed products, including the PARP inhibitor senaparib, the CAR-T therapy zevorcabtagene autoleucel and the ustekinumab biosimilar, continued to gain traction on NRDL inclusion and expanded hospital and pharmacy coverage. In contrast, the aesthetics business remained weak, with revenue declining both domestically and overseas and limited signs of recovery, though new launches such as the botulinum toxin product Rytelo and the hyaluronic acid filler MaLi Precise showed encouraging progress and should provide incremental growth opportunities without fully offsetting weakness in the existing aesthetics portfo