预计公司24 年H1 公司营业收入较上年同期同比增长约41%，实现归母净利润2.95~3.1 亿元，同比增长49.24%~56.83%。按照业绩预告测算，公司24 年Q2 单季度实现营业收入约7.53 亿元，同比增长约46%，实现归母净利润1.53 亿元~1.68 亿元，同比增长52%~67%。公司围绕乌灵胶囊、灵泽片、百令片三大核心基药产品，持续加强市场拓展，其中乌灵胶囊、灵泽片的销售收入延续了较好的市场增长，因6 月份中药净制饮片在医院互联网端销售大幅增加以及中药配方颗粒备案品种增加，中药饮片系列和配方颗粒销售收入较上年同期均明显增长。Incident Overview
The company released the 2024 mid-year report performance forecast: It is expected to achieve net profit of 2.95 to 0.31 billion yuan in 24 and a half years, an increase of 49.24% to 56.83% year on year; after deducting non-net profit of 2.91 to 0.306 billion yuan, an increase of about 50.23% to 57.97% year on year.
Performance exceeds market expectations, and core products continue to be released
The company's revenue for H1 is expected to increase by about 41% year-on-year over the same period last year, achieving net profit to mother of 2.95 to 0.31 billion yuan, an increase of 49.24% to 56.83% year-on-year. According to the performance forecast, the company achieved operating income of about 0.753 billion yuan in a single quarter of '24, an increase of about 46% over the previous year, and achieved net profit of 0.153 billion yuan to 0.168 billion yuan, an increase of 52% to 67% over the previous year. The company continues to strengthen market expansion around the three core pharmaceutical products of Wuling capsules, Lingze tablets, and Bering tablets. Among them, sales revenue from Wuling capsules and Lingze tablets continued to have good market growth. Due to the sharp increase in Internet sales of traditional Chinese medicine tablets in hospitals in June and an increase in the number of registered varieties of traditional Chinese medicine formula granules, the sales revenue of the Chinese medicine tablet series and formula granules increased significantly compared to the same period last year.
The collection of Wuling capsules continues to advance, and Bailing capsules are expected to increase sales contribution in the second half of the year
According to the Investor Relations Record Form, the “Beijing-Tianjin-Hebei 3+N” alliance region, which won the bid for the company's Wuling capsules, successively carried out collection in the second quarter. The company replaced 36 capsules/box with 54 larger capsules/box in the collection area, driving sales growth of Wuling capsules through price exchange, and continuing to strengthen the development of new hospitals in the collection area. As the collection continues to advance in various provinces, the company's Wuling capsules are expected to maintain a rapid growth trend throughout the year.
The company's newly approved Bailing capsules have now completed networked in more than 20 provinces. Bailing capsules and the company's Bailing tablets are expected to have strong collaboration. We expect that sales of Bailing capsules will gradually begin in the second half of the year to contribute incremental revenue to the company.
Profit forecasting investment advice
Taking into account the continued expansion of the company's core products and adjusted profit forecasts, it is predicted that the company's 2024/2025/2026 operating income will be adjusted from 24.10/29.79/37.68 to 2.57/3.222/3.98 billion yuan, and net profit to mother will be adjusted from 0.522/0.671/0.857 billion yuan to 0.548/0.701/0.871 billion yuan, corresponding to the closing price of 14.16 yuan/share on July 10, 2024, EPS 0.78/1.00/1.24 yuan, PE 18.11/14.17/11.41 times respectively, maintaining the “gain” rating.
Risk warning
In-house sales of the core product Wuling capsule have slowed, market competition has intensified due to an increase in the number of competing drugs, OTC channel expansion has fallen short of expectations, sales of Chinese medicine tablets and formula granules have fallen short of expectations, development of new indications for Wuling capsules has fallen short of expectations, and promotion of new products of Bering capsules has fallen short of expectations.
