各板块收入端实现稳健增长，费用端短期承压。公司及各子公司稳健经营，子公司金赛药业实现收入51.52 亿元（+0.25%），实现归母净利润17.69 亿元（-19.49%）；子公司百克生物实现收入6.18 亿元（+10.50%），实现归母净利润1.38 亿元（+23.54%）；子公司华康药业实现收入3.91 亿元，（+10.37%），实现归母净利润0.24 亿元（+26.42%）；子公司高新地产实现收入4.56 亿元，（+372.45%），实现归母净利润0.33 亿元（533.17%）。上半年公司管理费用5.51 亿元，同比增长53.71%，系子公司金赛药业新BU 管理架构的调整及相关下一级子公司的设立、部分销售人员职责变化等，相关费用在会计处理方面较以前年度有所变化，导致管理费用有所提升。Brief performance review
On August 15, 2024, the company released its 2024 semi-annual report. The company's revenue for the first half of 2024 was 6.639 billion yuan, up 7.63% year on year; net profit to mother was 1.72 billion yuan, a year-on-year decrease of 20.40%; net profit deducted from non-mother was 1.737 billion yuan, a decrease of 19.72% year on year. On a quarterly basis, in the second quarter of 2024, the company achieved operating income of 3.461 billion yuan, a year-on-year increase of 2.09%; realized net profit attributable to mother of 0.861 billion yuan, a year-on-year decrease of 33.94%; and realized net profit deducted from non-mother of 0.89 billion yuan, a year-on-year decrease of 32.02%.
Management analysis
The revenue side of each sector achieved steady growth, and the cost side was under pressure in the short term. The company and various subsidiaries operated steadily. The subsidiary Jinsai Pharmaceutical achieved revenue of 5.152 billion yuan (+0.25%), achieving net profit of 1.769 billion yuan (-19.49%); subsidiary Baike Biotech achieved revenue of 0.618 billion yuan (+10.50%), achieving net profit of 0.138 billion yuan (+23.54%); subsidiary Huakang Pharmaceutical achieved revenue of 0.391 billion yuan (+10.37%), achieving net profit to mother 0.024 billion yuan (+26.42%); the subsidiary Hi-Tech Real Estate achieved revenue of 0.456 billion yuan (+372.45%) and realized net profit of 0.033 billion yuan (533.17%) to mother. In the first half of the year, the company's management expenses were 0.551 billion yuan, an increase of 53.71% over the previous year. This is due to the adjustment of the new BU management structure of the subsidiary Jinsai Pharmaceutical, the establishment of related lower-level subsidiaries, and changes in the responsibilities of some sales personnel. The related expenses changed compared to the previous year, leading to an increase in management expenses.
The product layout continues to deepen, laying the foundation for long-term growth. Jinsai Pharmaceutical is steadily promoting sales management in the core pediatric business segment, while strengthening sales promotion efforts for nutritional products, follicle-stimulating hormones, etc. As new products such as follicle-stimulating hormone solution and the first new generation of water-soluble progesterone injections approved in China were approved one after another, new products such as Meshia for cancerous anorexic cachexia syndrome and Jin Shuwen for children with tic disorder were launched one after another. The revenue share of products related to the non-pediatric elderly business of Jinsai Pharmaceutical further increased in the first half of the year. The company's current product line continues to be enriched and expanded, and key research projects such as kinazumab are progressing smoothly, which is expected to lay a solid foundation for the company's long-term growth in the future.
Profit Forecasts, Valuations, and Ratings
Considering the company's business development and performance in the first half of the year, we lowered our profit expectations. We expect the company to achieve net profit of 42.3 (-7%), 45.7 (+8%), 4.97 billion yuan (+9%) in 2024-2026, and EPS of 10.46, 11.30, and 12.28 yuan, respectively, corresponding to the current P/E of 9, 8, and 7 times, respectively. Maintain a “buy” rating.
Risk warning
Health insurance price reduction and cost control risks; growth hormone competition increases risks; product sales fall short of expectations; R&D progress falls short of expectations, etc.