Q2 收入同比小幅下降，毛利率大幅提升。公司营收及利润持续增长，2024H1 营收及利润均达历史最高水平，毛利率为59.80%（YoY+1.80pct），净利率为36.52%（YoY+2.34pct）。单季度来看，2024Q2，公司实现营收1.91 亿元（YoY-7.12%），归母净利润0.67 亿元（YoY+1.24%），扣非净利润0.64 亿元（YoY+4.52%），毛利率为62.19%，同比+5.32pct，环比+3.90pct，净利率为35.17%，同比+2.90pct，环比-2.21pct。我们认为Q2收入同比下降，毛利率及净利率同比提升的主要原因是，毛利率较高的肝病类、心脑血管类、抗菌类产品销售收入增长，占比提升，毛利率较低的痛风类等产品销售收入下降，占比下降。occurrences
On August 23, 2024, the company released its 2024 semi-annual report. 2024H1 achieved operating income of 0.492 billion yuan (YoY +5.05%), net profit due to mother 0.18 billion yuan (YoY +12.26%), and deducted non-net profit of 0.172 billion yuan (YoY +12.44%).
viewpoints
Q2 Revenue declined slightly year over year, and gross margin increased significantly. The company's revenue and profit continued to grow. 2024H1 revenue and profit reached the highest level in history, with a gross margin of 59.80% (YOY+1.80pct) and a net margin of 36.52% (YOY+2.34pct). Looking at a single quarter, 2024Q2 achieved revenue of 0.191 billion yuan (YoY -7.12%), net profit of 0.067 billion yuan (YoY +1.24%), net profit of 0.064 billion yuan (YoY +4.52%), gross margin of 62.19%, +5.32pct year over year, +3.90pct month-on-month, net margin of 35.17%, +2.90pct year-on-month. We believe that the main reason for the year-on-year decline in Q2 revenue and the year-on-year increase in gross margin and net margin is that sales revenue for liver disease, cardiovascular, and antimicrobial products with high gross margins increased, and sales revenue for products such as gout with low gross margins declined, and the share of sales revenue for products such as gout with low gross margins declined.
Production capacity construction continues, and new production capacity will be released in an orderly manner. In terms of APIs and intermediates, all 7 workshops of the company's non-public fund-raising projects have completed plant construction. Of these, 3 workshops have completed completion and acceptance, 1 workshop is undergoing trial production, 1 workshop is awaiting trial production, and 2 workshops are awaiting equipment installation. In terms of formulations, the highly active formulation workshop and oral solid preparation workshop have completed plant construction and equipment installation, and are expected to be put into operation in 2025.
The formulation will usher in a harvest period, creating a third growth curve. Imatinib mesylate tablets, the company's first formulation product in collaboration with STADA, is expected to be approved in Europe in 2024, H1 approved in China in 2025, and will start contributing sales revenue in 2025. In addition, the company is actively developing an innovative drug business. On the one hand, it invests in new pharmaceutical companies, and on the other hand, introduces and develops new drugs. The new class 1.1 drug brozopent sodium being developed by the company to treat ischemic stroke has yet to enter phase III clinical trials.
Investment advice
We predict that the company's revenue for 2024/25/26 will be 0.963/1.164/1.581 billion yuan, and net profit will be 0.317/0.384/0.506 billion yuan, corresponding to the current PE of 18/15/11X. Considering the steady growth of the company's APIs and CDMO business, and the formulation business is expected to start contributing incremental revenue in 2025, we will continue to give it a “buy” rating.
Risk warning
Industry policy risk; risk of increased market competition; risk of falling product prices; risk of product development failure;