慢病平台保持增长态势。根据公司公告，2024 年上半年，慢病平台收入16.78 亿元，同比+3.89%，毛利率77.29%，同比-1.16 个百分点。根据公司公告，2024 年上半年，核心产品0 号坚持学术推广，收入同比+2%；复穗悦集采续约新中标区域执标，收入同比+60%；硝苯地平缓释片(贝奇灵)和硝苯地平控释片(贝奇康)收入同比+53%；厄贝沙坦分散片(豪降之)国采续约成功，收入同比+113%；新并购天安药业开展投后整合，二甲双胍肠溶片收入同比+23%。此外，根据公司公告，2024 年上半年，输液平台收入17.17 亿元，同比+2.88%，毛利率为55.75%，同比+2.57 个百分点。1H24 results are in line with our expectations
The company announced its results for the first half of 2024: revenue of 5.929 billion yuan, up 1.46% year on year; net profit to mother of 1.047 billion yuan, up 6.28% year on year; after deducting non-net profit of 0.922 billion yuan, up 27.58% year on year, in line with our expectations.
Development trends
The chronic disease platform continues to grow. According to the company's announcement, in the first half of 2024, the chronic disease platform earned 1.678 billion yuan, +3.89% year-on-year, with a gross profit margin of 77.29%, or -1.16 percentage points year-on-year. According to the company's announcement, in the first half of 2024, core product No. 0 insisted on academic promotion, revenue +2%; Fusuoyue Gathering renewed the new regional license, revenue +60%; nifedipine sustained-release tablets (beckyling) and nifedipine controlled-release tablets (betsikon) revenue +53%; irbesartan dispersible tablets (Hao Fangzhi) successfully renewed the contract with revenue +113% year over year; the new merger and acquisition of Tian'an Pharmaceutical carried out post-investment integration, and metformin enteric tablets increased 23% compared to the same period.. In addition, according to the company's announcement, in the first half of 2024, the infusion platform's revenue was 1.717 billion yuan, +2.88% year-on-year, and gross margin was 55.75%, or +2.57 percentage points year-on-year.
The scale of specialty platform business is growing steadily. According to the company's announcement, in the first half of 2024, the specialist platform's revenue was 1.367 billion yuan, +10.72% year-on-year, with a gross profit margin of 72.90%, or +1.26 percentage points year-on-year. According to the company's announcement, revenue in the pediatric drug sector was basically flat, with revenue in the field of nephrology +14%; revenue in the field of peritoneal dialysis was selected, revenue +15%; revenue in the mental/neurological sector was +6%, revenue of the core product magnesium valproate sustained-release tablets +1%, revenue of the new product Pregabalin +45%; revenue in the field of oncology was +75%, of which revenue in the field of teniparabine increased +100% year over year; revenue in the field of women's health increased 12% year on year, revenue of the core product Yuting series increased by 33% year on year.
Actively implement integrated strategies for raw materials and formulations. By improving the level of raw material development and process optimization, the company has built a low cost advantage under the competitive mechanism of the API market. Currently, the company's API business covers chemical synthesis, biochemical extraction and biological fermentation. The main products in the field of chemical synthesis are valsartan, amlodipine, pregabalin, tripteridine, pentazocin, pivastatin, etc. The core products in the field of biochemical extraction are raw materials for heparin sodium and enoxaparin, and the core product in the field of biological fermentation is coenzyme Q10. In 2024, China Resources Zizhu was acquired, and the company obtained steroidal hormone raw materials in the field of chemical synthesis.
Profit forecasting and valuation
Considering the merger of China Resources Zizhu, we raised 2024/2025 net profit by 9.9%/5.8% to 1.7/1.89 billion yuan, an increase of 27.6%/10.9% year-on-year. We maintain our outperforming industry rating and maintain a target price of 25 yuan, corresponding to a price-earnings ratio of 15.3/13.8 times 2024/2025. The current stock price corresponds to the 2024/2025 price-earnings ratio of 12.0/10.8 times, with 27.8% upside from the target price.
risks
The impact of the policy on product prices exceeded expectations, R&D progress fell short of expectations, and the competitive landscape deteriorated.
