The company's financial indicators are steady, and the cost ratio is declining. In 2023, the company achieved revenue of 22.82 billion yuan (+7.26%), net profit attributable to mother of 4.302 billion yuan (+10.14%), net profit after deducting non-return to mother of 4.141 billion yuan (+21.46%); gross profit margin of 84.55%; during this period, the company invested a total of 6.150 billion yuan in R&D, and a cost of 4.954 billion yuan. In Q1 '24, we achieved revenue of 5.998 billion yuan (+9.20%), net profit attributable to mother of 1,369 billion yuan (+10.48%), net profit after deducting non-return net profit of 1,440 billion yuan (+18.06%); gross profit margin of 84.28%. Revenue split: In 2023, the company's anti-tumor segment revenue was 12.217 billion yuan (+7.99%), gross profit margin 91.82%; analgesia revenue was 3.743 billion yuan (+12.21%), gross profit margin 85.22%; contrast agent revenue was 2,742 billion yuan (+0.50%), gross profit margin 61.14%.
Revenue from innovative drugs continues to rise, driving revenue growth. In 2023, the company's innovative drug revenue reached 10.637 billion yuan (tax included, not including foreign licensing revenue), achieving an increase of 22.1% over the same period last year. In 2023, the company's 3 Class 1 innovative drugs and 4 Class 2 innovative drugs were approved for listing, and subsequent innovative drugs drove revenue growth. Generic drug revenue declined slightly in 2023. The second batch of collection involved injectable paclitaxel (albumin binding type) and abiraterone acetate tablets due to factors such as not winning bids and price reductions in most provinces. Sales during the reporting period decreased by 702 million yuan year-on-year. The seventh batch of collection, which began implementation in November 2022, involved a year-on-year decrease of 911 million yuan in sales of products during the reporting period.
Endogenous development and external cooperation and collaboration are accelerating the process of internationalization. The company actively explores exchanges and cooperation with multinational pharmaceutical companies, accelerates integration into the global pharmaceutical innovation network, and maximizes product value. In 2023, the company has reached 5 external licensing deals, with a total transaction amount exceeding 4 billion US dollars. The company is steadily carrying out international clinical trials of innovative drugs. The first international center phase III clinical study (carrilizumab combined with apatinib to treat advanced liver cancer) has reached the main research end point, and several other projects have been approved for clinical trials overseas. Over 100 innovative drug academic achievements were unveiled at top international academic conferences, and independent innovation made great strides to the international stage.
Profit forecast and rating: The company's net profit for 24-26 is estimated to be $53.97/65.16/810 billion yuan, an increase of 25.4%/20.7%/24.3% year-on-year. Considering the gradual weakening of the impact of subsequent generic drug collection and the acceleration of the company's internationalization process, the target review date for carelizumab FDA is May 31, 2024. It is optimistic that subsequent companies will enter a new round of new drug cashout period and be upgraded to a “buy” rating.