2024 上半年公司口服液实现收入5.44 亿元（同比+28.60%，下同），主要系金振口服液销售同比增长所致，毛利率78.80%（-2.30pct）；注射液8.40 亿元（-27.49%），毛利率74.16%（-0.64pct）；胶囊4.02 亿元（-12.80%），毛利率69.62%（+2.09pct）；颗粒剂、冲剂16.21 亿元（-15.13%），毛利率75.56%（-3.22pct）；片丸剂1.69亿元（-5.16%），毛利率72.24%（+0.20pct）；贴剂1.04 亿元（-10.94%），毛利率79.25%（-4.51pct）；凝胶剂0.21 亿元（+107.87%），毛利率88.09%（+0.70pct），主要系筋骨止痛凝胶销售同比增长所致。occurrences
The company released its 2024 semi-annual report. In the first half of 2024, revenue was 2.26 billion yuan, down 11.49% year on year; net profit to mother was 0.265 billion yuan, down 3.73% year on year. In the second quarter of 2024, revenue was 0.9 billion yuan, down 24.98% year on year; net profit to mother was 0.117 billion yuan, down 12.59% year on year.
Strong growth in oral liquids and gels
In the first half of 2024, the company achieved revenue of 0.544 billion yuan (+28.60%, same below), mainly due to the year-on-year increase in Jin Zhen oral liquid sales, with a gross profit margin of 78.80% (-2.30pct); injections 0.84 billion yuan (-27.49%), gross profit margin 74.16% (-0.64pct); capsules 0.402 billion yuan (-12.80%), gross profit margin 69.62% (+2.09pct); granules and infusions 1.621 billion yuan (-15.13%), gross profit margin 75.56% (-3.22pct); 0.169 billion yuan (-5.16%) for tablets, 72.24% (+0.20pct); patch 0.104 billion yuan (-10.94%), gross profit margin 79.25% (-4.51pct); gel 0.021 billion yuan (+107.87%), gross profit margin 88.09% (+0.70pct), mainly musculoskeletal pain gel sold at the same time This is due to growth.
Continue to promote the development of new products
In the first half of 2024, the company continued to promote research and development of new products, 3 types of traditional Chinese medicine (Longqi capsules, Sanpupenan granules, and Yu Nu Pan granules), completed 2 phase III clinical studies (Pisces granules, Suxintong granules), and obtained 2 clinical trials (Qiangqin granules, Qiwei fatty liver granules); Innovative Chemical Drugs completed the enrollment of 1 phase II clinical case (DC20), and obtained 2 clinical trials (injectable AAPB (10mg, 25mg)); chemical-like pharmaceuticals were approved 3 drug registration certificates (pirampanide tablets (2mg, 4mg)), (Posaconazole enteric tablets); Biopharmaceutical launched 1 phase I clinical variety (KYS202002A injection for multiple myeloma and systemic lupus erythematosus indications); promoted a number of projects to carry out separate pharmacogenicity research, pre-clinical research, and clinical trial research work.
Profit Forecasts, Valuations, and Ratings
We expect the company's 24-26 revenue to be 5.757/6.738/7.865 billion yuan, with year-on-year growth rates of 18.27%/17.04%/16.72%, respectively; net profit to mother of 0.653/0.787/0.956 billion yuan, respectively, with year-on-year growth rates of 21.63%/20.57%/21.40%, respectively. EPS was 1.12/1.35/1.64 yuan respectively. Since the company is a leading Chinese medicine innovation enterprise in China, it is recommended to continue to pay attention.
Risk warning: risk of policy changes, risk of product quality control, risk of falling short of expectations in R&D, risk of increased industry competition, risk of fluctuations in raw material supply and price
