业绩符合预期，主要产品增速稳健。2024H1 特比澳销售额为24.8 亿元（同比+22.6%），EPO 销售额为5.2 亿元（同比+11.3%），益赛普销售额为3.3 亿元（同比+9.5%），赛普汀销售额为1.6 亿元（同比+48.9%），蔓迪销售额为5.5 亿元（同比+10.0%）。occurrences
On August 22, the company released its 2024 interim results report. 2024H1 achieved operating income of 4.389 billion yuan, a year-on-year increase of 16.01%, net profit of 1.09 billion yuan, an increase of 11.15% year-on-year, and adjusted operating net profit of 1.112 billion yuan, an increase of 1.5% year-on-year.
reviews
The performance was in line with expectations, and the growth rate of major products was steady. 2024H1 Turbie Australia's sales were 2.48 billion yuan (+22.6% YoY), EPO sales 0.52 billion yuan (YoY +11.3%), Exaipu's sales were 0.33 billion yuan (+9.5% YoY), Septin's sales were 0.16 billion yuan (+48.9% YoY), and Mandy's sales were 0.55 billion yuan (YoY +10.0%).
Expenses are well controlled, and gross margin continues to rise. The 2024H1 company's gross margin was 86.51% (+1.9pct). Various expenses are well controlled. Among them, the sales expense ratio was 36.3%, the same as the previous year; the management expense ratio was 4.6% (-0.9pct); the R&D expense ratio was 10.8% (+2.7pct); and the comprehensive financial cost ratio was 0.5% (-0.3pct).
Self-developed and introduced two-wheel drive, the product gradient continues to be rich. The company is speeding up the research and development process of the research project. Various products will soon be commercialized. The CKD anemia indication NDA for SSS06 has been accepted, and Terbiao CLDT indications and 608 (IL-17A antibody) moderate to severe psoriasis indications are expected to be declared for NDA in 2024H2. 2024H1, the introduced Winlevi Phase III bridging clinical trial, is expected to apply for an NDA in 2025; the company and Hanyu Pharmaceutical reached a cooperation agreement on simeglutide injection weight loss indications to explore a broad market for weight loss treatments.
Adhere to shareholder returns, dividends and repurchases in parallel. 2024H1 paid dividends and repurchases totaled HK$0.86 billion, which together accounted for more than 40% of operating profit in fiscal year 23. Of these, the dividend was distributed at HK$0.6 billion, and the dividend ratio reached 4.1% based on the closing price on the day of the dividend; HK$0.27 billion was repurchased.
Investment advice
We expect the company's revenue for 2024-2026 to be 8.744/9.535/10.269 billion yuan, respectively, up 12%/9%/8% year on year, and net profit to mother 2.013/2.244/2.508 billion yuan, respectively, up 30%/12% year on year, respectively, with a corresponding valuation of 7X/6X/6X. Considering the steady growth of the company's main business and the formation of an echelon of products under development, it has gradually entered the cashout stage and maintained a “buy” investment rating.
Risk warning
Product development and launch fell short of expectations; the risk of increased competition; the risk of policy changes in the pharmaceutical industry; the risk of drug price reductions; and product sales fell short of expectations.
