借势而进，矩阵式BD 拓展摘取累累硕果：公司近年来持续加强BD 团队建设，销售模式从Random 模式向mapping 模式升级，通过矩阵式商务拓展团队扩大销售面，提升市场占有率。2024 年上半年，凭借拥有国际视野的BD 团队，公司在全球范围内井然有序地进行业务渗透拓展：（1）欧洲市场，与多家头部仿制药企开展口服司美格鲁肽、替尔泊肽原料药合作；（2）北美市场，达成利拉鲁肽制剂美国市场原料药合作、新拓展首个动物创新药多肽CDMO 项目；（3）南美市场，签订司美格鲁肽制剂战略合作协议、达成利拉鲁肽制剂首仿上市原料药合作；（4）印度市场，与头部仿制药企达成利拉鲁肽制剂全球上市原料药合作、签订并推进多个寡核苷酸CDMO 服务；（5）国内市场，达成GLP-1创新药原料药及制剂战略合作。Key points of investment:
The 2024 mid-year report was released, and performance growth was in line with expectations. On the evening of August 22, the company released its 2024 mid-year report. In the first half of the year, the company achieved operating income of 0.831 billion yuan (+107.47% YoY); realized net profit attributable to mother of 0.227 billion yuan (+442.77% YoY); and realized net profit of 0.229 billion yuan (YoY +433.35%). Among them, the 2024 single Q2 achieved operating income of 0.476 billion (YoY +146.82%), realized net profit to mother 0.161 billion (+671.78% YoY), and realized net profit of 0.164 billion (+735.89% YoY). According to the semi-annual performance forecast released by the company on June 20, 2024H1 is expected to achieve a profit of 1.8 to 0.25 billion yuan. The actual profit for the half year is in line with the forecast range, and the performance growth is in line with expectations.
Two-wheel drive achieved rapid growth and enhanced the company's profitability. The sales revenue of the company's independently selected products and customized products both increased significantly year-on-year, leading to rapid growth in revenue. In the first half of 2024, the company independently selected products achieved revenue of 0.545 billion yuan, a year-on-year increase of 119.76%; customized products and services achieved revenue of 0.286 billion yuan, an increase of 88.16% over the previous year. At the same time as revenue grew rapidly, profitability further improved: in the first half of 2024, the company achieved a gross sales margin of 67.32%, an increase of 9.37 percentage points over the same period last year; achieved a net sales margin of 27.87%, an increase of 17.93 percentage points over the same period last year.
Taking advantage of the momentum, matrix BD expansion has borne fruit: the company has continued to strengthen BD team building in recent years, upgrading the sales model from a random model to a mapping model, expanding sales surface and increasing market share through a matrix business development team. In the first half of 2024, with a BD team with an international perspective, the company carried out business penetration and expansion on a global scale in an orderly manner: (1) European market, cooperated with a number of leading generic drug companies for oral simeglutide and tilpotide APIs; (2) North American market, reached API cooperation for liraglutide preparations in the US market and expanded the first innovative animal peptide CDMO project; (3) South American market, signed strategic cooperation agreements for simeglutide preparations and reached the first generic drug for liraglutide; (4) The Indian market benefits from leading generic drug companies Larglutide formulations cooperate, sign and promote multiple oligonucleotide CDMO services for globally marketed APIs; (5) In the domestic market, strategic cooperation on GLP-1 innovative drug ingredients and formulations was reached.
Profit forecast and valuation: Considering the rapid growth of the company's independently selected products, we have further raised the company's profit forecast. The company's net profit forecast for 2024-2026 is 0.444 billion, 0.619 billion, and 0.772 billion (previous values were 0.256 billion, 0.378 billion, and 0.493 billion), respectively, with year-on-year increases of 172.2%, 39.5%, and 24.7%. Corresponding PE valuations are 31, 22, and 18 times, respectively. Maintain a “buy” rating.
Risk warning: risk of performance fluctuations; increased risk of market competition; risk of falling product prices and sales fluctuations.
