产品矩阵逐步拓展，大股东增持彰显发展信心2024H1 公司投入研发费用1.33 亿元，同比增长43%。2024H1 公司获盐酸文拉法辛胶囊、他达拉非片等4 个品规药品批件，新申报1 项经典名方、4 项仿制药，产品矩阵逐步拓展。2024H1 公司打出大股东增持+公司回购+加大分红力度的“组合拳”，其中控股股东浙药集团增持金额2.74 亿元，持股比例上升至23.12%；公司回购金额3 亿元，回购股份占总股本2.47%；实施2023 年度分红方案每10 股派送现金红利2 元（含税），占2023 年归母净利润的85.27%，彰显公司长期发展信心。Incidents:
The company disclosed its 2024 semi-annual report, which achieved revenue of 3.448 billion yuan, a year-on-year decrease of 8.40%; net profit to mother of 0.382 billion yuan, a year-on-year decrease of 25.95%; net profit after deducting 0.336 billion yuan, a year-on-year decrease of 19.02%; a single Q2 revenue of 1.624 billion yuan, a year-on-year decrease of 0.60%; net profit to mother of 0.166 billion yuan, a year-on-year decrease of 28.37%; net profit after deducting non-return to mother of 0.135 billion yuan, down 11.11% year over year.
Short-term sales of proprietary Chinese medicines were under pressure. Chinese herbal medicines and Chinese medicine tablets performed well. 2024H1 achieved revenue of 1.716 billion yuan, down 17.67% year on year. Among them, proprietary Chinese medicine revenue was 1.131 billion yuan, down 32.10% year on year, mainly affected by the high revenue base of “Conn Bei” and “Golden Flute” in proprietary Chinese medicines in the same period last year, and the growth rate declined; Chinese herbal medicines and Chinese medicine tablets achieved revenue of 0.558 billion yuan, an increase of 41.03% year on year, mainly for the company to expand the hospital market. The sales area has been expanded, and both new customers and the existing customer market have increased significantly. 2024H1's revenue from specialty chemicals was 1.35 billion yuan, up 2.48% year on year; of these, revenue from chemical preparations was 0.981 billion yuan, down 2.30% year on year, mainly due to the high base effect of products such as acetylcysteine effervescent tablets and ibuprofen granules in the same period last year; chemical raw materials achieved revenue of 0.366 billion yuan, an increase of 16.91% year on year. 2024H1's specialty health consumer products achieved revenue of 0.316 billion yuan, an increase of 9.90% over the previous year.
The product matrix gradually expanded, and the majority shareholders' holdings showed confidence in development. 2024H1 invested 0.133 billion yuan in R&D expenses, an increase of 43% over the previous year. 2024H1 obtained approval for 4 standard drugs, including venlafaxine hydrochloride capsules and tadalafil tablets, and declared 1 new classic formula and 4 generic drugs, and the product matrix gradually expanded. 2024H1 played a “combo punch” of majority shareholders' holdings+corporate repurchase+increased dividend strength. Among them, Zhejiang Pharmaceutical Group, the controlling shareholder, increased its holdings by 0.274 billion yuan, and the shareholding ratio rose to 23.12%; the company's repurchase amount was 0.3 billion yuan, and the repurchased shares accounted for 2.47% of the total share capital; implementing the 2023 dividend plan to distribute 2 yuan (tax included) for every 10 shares, accounting for 85.27% of the company's long-term development confidence.
Profit Forecasts, Valuations, and Ratings
We expect the company's revenue for 2024-2026 to be 7.011/7.771/8.63 billion yuan, with year-on-year growth rates of 4.13%/10.84%/11.05% respectively, net profit to mother of 0.707/0.805/0.905 billion yuan, year-on-year growth rates of 19.60%/13.72%/12.46%, EPS 0.28/0.31/0.35 yuan/share, respectively, and a 3-year CAGR of 15.22%. Since the company is a leading OTC brand of traditional Chinese medicine, it is recommended that you continue to pay attention.
Risk warning: risk of changes in industry policies, raw material price and supply risks, series of risks related to collection, etc.
