乌灵系列产品营收增长较快，毛利率基本平稳分产品来看，2024H1 公司乌灵系列营收8.36 亿元（+29.15%），百令片系列营收0.82 亿元（-16.59%），中药饮片营收3.89 亿元（+57.11%），中药配方颗粒营收0.47 亿元（+256.73%）。其中，乌灵系列增速较快得益于乌灵胶囊销售收入同比增长28.86%，以及灵泽片销售收入同比增长30.84%。此外，乌灵系列和中药饮片系列产品毛利率基本平稳，分别为86.77%（-0.02pct）和21.34%（-0.83pct）。The revenue and profit growth rate is impressive, and the Uling series is rapidly expanding, maintaining a “buy” rating
The company achieved revenue of 1.428 billion yuan in 2024H1 (+41.21% year over year; net profit of 0.296 billion yuan (+49.78%) to mother); net profit of 0.292 billion yuan (+50.78%) after deducting non-return to mother. Looking at Q2 alone, revenue of 0.755 billion yuan (+46.45%); net profit due to mother 0.154 billion yuan (+53.32%); net profit of non-return to mother 0.148 billion yuan (+51.53%) was achieved. In terms of profitability, the 2024H1 gross margin was 62.62% (-6.69pct). The year-on-year decline was mainly due to an increase in the company's share of low-margin business; the net margin was 20.99% (+1.05pct).
On the cost side, the 2024H1 sales cost rate was 34.19% (-7.40pct). The year-on-year decline was mainly due to Wuling Capsule's participation in centralized volume procurement reducing sales expenses; the management fee rate was 3.74% (-0.65pct); the R&D cost rate was 2.74% (-1.26pct); and the financial cost ratio was -0.40% (+0.33pct). We are optimistic about the future growth space of the company's Wuling and Bering series products, as well as the optimization of sales expenses brought about in the context of procurement, and raised the 2024-2026 net profit forecast to be 0.559, 0.69, and 0.844 billion yuan (originally estimated 0.505, 0.632, and 0.785 billion yuan), EPS is 0.80, 0.98, and 1.20 yuan/share, respectively. The current stock price of PE is 17.7, 14.4, and 11.7 times, respectively, maintaining a “buy” rating.
The revenue of the Wuling series products grew rapidly. The gross margin was basically stable. By product, 2024H1's Wuling series revenue was 0.836 billion yuan (+29.15%), the Bering tablet series revenue was 0.082 billion yuan (-16.59%), Chinese medicine tablet revenue was 0.389 billion yuan (+57.11%), and the revenue of traditional Chinese medicine formula granules was 0.047 billion yuan (+256.73%). Among them, the faster growth rate of the Wuling series was due to the 28.86% year-on-year increase in sales revenue of Wuling capsules and a 30.84% year-on-year increase in sales revenue of Lingze tablets. Furthermore, the gross margins of the Wuling series and Chinese herbal medicine series products were generally stable, at 86.77% (-0.02pct) and 21.34% (-0.83pct), respectively.
Actively explore the core product market, optimize the marketing system and accelerate coverage. The company adheres to the strategic goal of “one wing”. In terms of drug production, it uses the dual advantages of basic drug status and provincial volume collection selection to strengthen the coverage of hospital terminals and sinking markets at all levels; strengthen OTC and Internet development; and actively promote strategic cooperation with major pharmacy chains across the country. In terms of traditional Chinese medicine tablets, we continue to cultivate the provincial market.
In terms of traditional Chinese medicine formula granules, the number of national standard and provincial standard product registrations has been increased, and the scale of business continues to expand.
Risk warning: Risk of policy adjustments, product sales falling short of expectations, declining market expansion falling short of expectations.
