Q2 业绩表现亮眼，归母净利润快速增长。单季度来看，2024 年Q2 实现营业收入56.08 亿元，同比增长9.28%；归母净利润7.74 亿元，同比增长30.74%；扣非净利润7.61 亿元，同比增长35.89%。公司净利润持续快速增长，主要原因为：1）公司持续优化输液和非输液制剂的产品结构，并加大市场开发；2）原料药中间体主要产品量价齐升，同时通过节能降耗降低生产成本；3）持续优化融资结构，有息负债规模和融资利率下降，财务费用减少。occurrences
On August 12, the company released its 2024 semi-annual performance report. It is estimated that H1 revenue for 2024 will be 11.827 billion yuan, up 9.52% year on year, net profit to mother of 1.8 billion yuan, up 28.24% year on year, 1.753 billion yuan after deducting non-net profit, up 29.78% year on year, and EPS is 1.15 yuan/share.
reviews
Q2 The performance was outstanding, and net profit to mother grew rapidly. Looking at a single quarter, Q2 2024 achieved operating income of 5.608 billion yuan, up 9.28% year on year; net profit to mother 0.774 billion yuan, up 30.74% year on year; after deducting non-net profit of 0.761 billion yuan, an increase of 35.89% year on year. The company's net profit continues to grow rapidly. The main reasons are: 1) the company continues to optimize the product structure of infusion and non-infusion preparations and increase market development; 2) the volume and price of the main API intermediate products have risen sharply, while reducing production costs through energy saving and consumption; 3) Continuously optimizing the financing structure, the scale of interest-bearing debt and financing interest rates have declined, and financial expenses have decreased.
Continuing to promote the optimization of large infusion packaging materials, profitability is expected to further improve. The company has established core advantage products and iterative product clusters in the fields of parenteral nutrition, bacterial infections, body fluid balance, and central nervous system diseases, and continues to expand to high-value-added packaging materials, high-margin nutritional and therapeutic products. The proportion of closed infusions continued to rise, reaching 53.25% (+4.25pct) in 2023. As the product composition continues to be optimized, collection drives sales expenses down, and the volume of key products released, the profitability of the company's large infusion side is expected to further increase.
API intermediates have achieved remarkable results in reducing costs, and synthetic biology has entered a cash-out period. The company continues to promote process optimization, energy saving and cost reduction, and the company's cost advantage continues to show. 24H1 Chuan Ning Biotech's net profit is expected to be 0.73-0.77 billion yuan, up 86.76%-97.00% year on year. Single Q2 is expected to achieve net profit of 0.377-0.417 billion yuan, up 75.19%-93.76% year on year, and 7.03%-18.37% month on month. 0.35 billion yuan (+101%), profitability continues to increase. Synthetic biology is expected to become a new growth point. Currently, many products such as bisabolol, 5-hydroxytryptophan, ergothione, and ecdoine have entered the production and sales stage, and new products are expected to continue to contribute to growth.
Innovative drug pipeline catalysts are abundant, and commercialization of various core ADC pipelines is imminent. 1) SKB264 is expected to become the first domestically marketed TROP2 ADC. The 3L+ TNBC monotherapy has remarkable curative efficacy and is expected to be approved in 2024; 2L+ HR+/HER2- BC indications have the potential to be best-inclusive of terminal monotherapy. 2) A166 (HER2 ADC) 3L+ HER2+ breast cancer is expected to be approved for marketing in 2024-2025. 3) Through the cooperative arrangement of tumor+self-immunity, A166 (PD-L1) and cetuximab analogues are expected to be approved for marketing in 2024-2025, and A400 (RET inhibitor) is expected to be declared for marketing in 2024.
Investment advice
The company's revenue for 2024/2025/2026 is 23.335/25.756/28.656 billion yuan, up 8.77%/10.38%/11.26% year over year. Net profit to mother was 3.152/3.453/3.723 billion yuan, up 28.31%/9.57%/7.81% year over year. The corresponding 2024-2026 EPS was 1.97 yuan/share, 2.16 yuan/share, and 2.32 yuan/share, respectively, with price-earnings ratios of 15 times, 14 times, and 13 times, respectively, maintaining a “buy” rating.
Risk warning
Industry policy risks; drug development and marketing falling short of expectations; product sales falling short of expectations; risk of increased competition; environmental risk.
