营收快速增长，费用同比下降，驱动亏损同比缩减。公司2024 年上半年营业收入实现同比增长，主要由于西达本胺和西格列他钠的销售收入有所增加。西达本胺销量同比增长11.74%，销售收入约2.37 亿元，同比增长4.15%（医保降价6%）；西格列他钠销量同比增长396.15%，销售收入约0.55 亿元，收入同比增长632.48%。同时，公司费用实现同比下降，营业总成本3.37 亿元（同比-12.28%），主要由于研发费用1.02 亿元（同比-36.97%）。产品销售收入持续增长，费用同比下降，驱动亏损同比缩减。Incidents:
Recently, the company released its semi-annual report. In the first half of 2024, the company's revenue was 0.302 billion yuan (YoY +25.06%), net profit to mother was 0.041 billion yuan, and net profit not attributable to mother was 0.047 billion yuan.
Comment:
Revenue grew rapidly and expenses fell year on year, driving losses down year over year. The company achieved a year-on-year increase in revenue in the first half of 2024, mainly due to increased sales revenue of sidabendamide and siglitazide sodium. Sales of sidabenamide increased 11.74% year on year, with sales revenue of about 0.237 billion yuan, up 4.15% year on year (medical insurance price reduction of 6%); sales volume of siglitaben sodium increased 396.15% year on year, sales revenue was about 0.055 billion yuan, and revenue increased 632.48% year on year. At the same time, the company's expenses fell year on year, with total operating costs of 0.337 billion yuan (-12.28% year over year), mainly due to R&D expenses of 0.102 billion yuan (-36.97% year over year). Product sales revenue continued to grow, and expenses fell year on year, driving losses down year over year.
Core products continue to advance, and it is expected that indications and patient populations can be expanded. Sidabenamide is a new molecular physical drug discovered exclusively by the company. It is the world's first HDAC inhibitor, which is an epigenetic regulator. It was approved for marketing in 2014 and has been approved for a total of 3 indications. In April of this year, a new indication for diffuse large B-cell lymphoma was approved, and this indication is expected to be covered by medical insurance by the end of the year, and it is expected that the indications for colorectal cancer and non-small cell lung cancer will expand in the future. Siglistat sodium is a new mechanistic insulin sensitizer independently developed by the company. It is used for type 2 diabetes and metabolic syndrome. It was approved for marketing in 2021. It was approved as a combination therapy with metformin in July this year, and is expected to expand multiple indications such as MASH in the future.
The clinical/preclinical product chain continues to be enriched, consolidating the potential for continued growth. Currently, 6 of the company's drugs have entered the clinical stage. Apart from the two marketed drugs, theoroni (Auroa b/VEGFRS/Csf1R kinase inhibitor), CS23546 (PD-L1 small molecule), CS32582 (TYK2 small molecule), and CS12192 (JAK3/JAK1/TBK1 kinase inhibitor) are all in the clinical phase. Theoroni is expected to be approved for listing next year to supplement the company's product sales revenue. In addition to clinical-stage products, 11 small-molecule drugs are in the preclinical stage, covering various diseases such as tumors, fibrosis disease, and Alzheimer's. The clinical/preclinical product chain continues to be enriched, consolidating the potential for continued growth.
Profit forecast and investment advice: The company focuses on innovative drug research and development in multiple treatment fields such as malignant tumors and diabetes, and the future can be expected. We expect the company to achieve revenue of 0.652/0.874/1.136 billion yuan in 24-26, with earnings per share of -0.21/-0.12/0.03 yuan. This is the first coverage, giving the company an “increase in wealth” rating.
Risk warning: risk of sales falling short of expectations, risk of R&D falling short of expectations, policy risk, etc.
