On the revenue side, the month-on-month growth rate was steady, and the operating pace continued to improve
2024H1 achieved revenue of 0.241 billion yuan, a year-on-year increase of 9.44%; net profit attributable to mother - 66.54 million yuan, net profit not attributable to mother - 72.37 million yuan. Looking at Q2 alone, the company achieved revenue of 0.132 billion yuan, a year-on-year increase of 18.45%, a year-on-month increase of 22.36%, net profit to mother of 27.04 million yuan, after deducting non-return net profit of 29.87 million yuan. The company's revenue growth rate was steady month-on-month, profit-side losses continued to narrow month-on-month, and the pace of operation continued to improve. We are optimistic about the company's long-term development and maintain the original profit forecast. We expect revenue of 2024-2026 to be 0.606/1.1/1.895 billion yuan, up 56.9%/81.4%/72.4% year on year, EPS is -0.58/0.01/0.66 yuan, and the current stock price is 24.7/13.6/7.9 times PS. As the company is about to enter an intensive harvest period for innovative drugs, it maintains a “buy” rating.
Actively promoting the entry of marketed products into hospitals, the company has received exclusive marketing license fees from thrombin partners to continue to actively promote the entry of donafenib tablets into hospitals and pharmacies. By the end of June 2024, it had entered 1,081 hospitals, covering 1,844 hospitals, and covering 934 pharmacies. The national coverage of donafenib tablets was further expanded, laying the foundation for continued sales volume. The company's recombinant thrombin products have been authorized by Yuanda Life Sciences. 2024H1 has received an exclusive marketing license fee of 0.34 billion yuan. The partner's sales team is actively carrying out marketing sales of recombinant human thrombin, and delivery and sales will be achieved in April 2024.
The late-stage pipeline progressed steadily, with the acquisition of GENSUN to further enhance early research pipeline layout capabilities. The company's late-stage pipeline progressed steadily. The large single product gikaxitinib has declared an NDA for myelofibrosis indications and is expected to be approved in 2024H2; the phase III clinical trial to treat severe alopecia areata has reached the main efficacy end point of 24 weeks, and it is expected that 52 weeks of data will be reported; successful results have been achieved in phase II clinical studies of idiopathic pulmonary fibrosis; patients with non-segmental vitiligo in adolescents aged 12 and above have obtained clinical approvals. Creams and tablets The models entered Phase II/III in April 2024 and May 2024, respectively.
On July 12, the company announced the further acquisition of GENSUN shares. GENSUN is a cancer immunotherapy company that develops the world's advanced protein drugs. It has incubated various FIC/BIC products, including the company's early developed new antibody drugs ZG005 (PD-1/TIGIT double antibody) and ZG006 (CD3/DLL3/DLL3 triple antibody).
Through further acquisition of GENSUN shares, the company will continue to enhance its early research pipeline layout capabilities.
Risk warning: changes in pharmaceutical regulatory policies, exchange rate fluctuations, loss of core company members, etc.