经营效率愈佳，现金流持续改善，毛利率环比提升公司整体毛利率为93.36%，同比+0.43 个百分点；期间费用率61.49%，同比-1.77 个百分点；其中销售费用率42.00%，同比-3.71 个百分点；管理费用率10.04%，同比+0.85 个百分点；财务费用率-0.12%，同比+0.07 个百分点；研发费用率9.57%，同比+1.03 个百分点；经营性现金流净额为0.72 亿元，同比+42.93%。其中24Q2 归母净利率进一步提升至27.24%，同比+2.87 个百分点，毛利率为93.61%，环比+0.53 个百分点。随着核心产品的成熟度日渐提高，公司经营状况也趋于稳健。Incidents:
On August 22, 2024, Tebao Biotech announced the 2024 mid-year report. The company achieved operating income of 1.19 billion yuan, +31.68% year over year; net profit to mother 0.304 billion yuan, +50.53% year over year; net profit after deducting non-return to mother 0.33 billion yuan, +41.67% year over year. Among them, in the 24Q2 quarter, the company's 2024Q2 revenue was 0.645 billion yuan, +33.09%; net profit to mother was 0.176 billion yuan, +48.75% year over year; net profit after deducting non-return to mother was 0.33 billion yuan, +40.70% year over year.
Comment:
Operating efficiency improved, cash flow continued to improve, gross margin increased the company's overall gross margin of 93.36% month-on-month, +0.43 percentage points; the period expense ratio was 61.49%, -1.77 percentage points year over year; of which the sales expenses ratio was 42.00%, -3.71 percentage points year on year; management expense ratio was 10.04%, +0.85 percentage points year on year; financial expense ratio -0.12%, +0.07 percentage points year on year; the net operating cash flow was 0.072 percentage points billion yuan, +42.93% year over year. Among them, the 24Q2 net profit margin increased further to 27.24%, +2.87 percentage points year over year, and gross margin was 93.61%, +0.53 percentage points month over month. As the maturity of core products increases, the company's business conditions also tend to be steady.
Pegbin is leading the field of hepatitis B treatment. Interferon treatment is consolidated. Currently, the company's core single product, Pegobin, is a first-line drug for chronic hepatitis B, and has obvious clinical value in inhibiting virus replication and enhancing immunity. In the first quarter of this year, the marketing application for Pegbin combined with nucleoside analogs for clinical treatment of chronic hepatitis B in adults was accepted by the State Drug Administration. Pegbin is the exclusive variety of long-acting PEG interferon alpha-2b in China. The company braved the tide to carry out large-scale real-world research. The “Everest Project” and “Oasis Project”, where about 30,000 people were enrolled, are helping it continue to accumulate application evidence in the treatment of hepatitis B and prevention of liver cancer. The company is remarkable in the field of hepatitis B, cooperating with Aligos Therapeutics Biotech to actively lay out novel therapeutics such as RNAi to treat hepatitis B, explore treatment plans such as combined interferon, and strengthen the therapeutic position of interferon.
In the first year after admission to Peijin Health Insurance, a new growth curve was drawn
Peijin (generic name: topefigastine injection) is a long-acting human granulocyte stimulating factor independently developed by the company. It was approved for marketing on June 30, 2023, and included in the national medical insurance catalogue in the same year. Pegin uses the company's core patented Y-branch polyethylene glycol (PEG) molecular modification to extend the half-life of the drug and the duration of effective blood concentration, and can also guarantee coverage of the entire chemotherapy cycle while reducing drug dosage. The required treatment dose is only one-third of similar long-acting products currently on the market, and improves safety. Currently, product sales are good, covering major disease markets in the field of oncology, providing impetus for the company to increase revenue and drawing a new growth curve after Pegbin.
Investment advice
We expect the company's revenue to increase 29.6%/29.9%/23.8% year-on-year from 2024 to 2026 by 2.72/3.54/4.38 billion yuan, respectively; net profit to mother is 0.77/1.05/1.35 billion yuan, respectively, up 38.3%/36.5%/28.8% year over year, respectively, and the corresponding valuation is 29X/21X/16X. I am optimistic about the favorable competitive position of the company Pegbin, the continuous expansion of the range of applicable groups, the increase in demand for medication, and maintain a “buy” rating.
Risk warning
The risk of fluctuating sales, industry policy uncertainty, new drug development risks, etc.
