公司制药业务实现收入146.77 亿元，其中创新药收入超过37 亿元，保持稳健增长，不含新冠产品的制药业务收入同比增长1.89%。器械与医学诊断业务实现收入20.69 亿元（同比-6.72%），主要由新冠抗原、核酸检测试剂收入以及非自有新冠产品海外销售收入下降所致，不含新冠相关产品，器械与诊断业务收入同比增长4.97%。医疗服务业务实现收入36.59 亿元（同比+16.90%），实现分部利润-1.4 亿元，同比减亏1.28 亿元，主要原因是线上业务进一步聚焦，优化支出和药械集中采购的降本效益。occurrences
Fosun Pharmaceutical released its 2024 mid-year report. In the first half of the year, Fosun Pharmaceutical achieved revenue of 20.463 billion yuan, a year-on-year decrease of 4.36%. Net profit due to mother was 1.225 billion yuan, a year-on-year decrease of 31.09%, and realized net profit deducted from non-mother of 1.254 billion yuan, a year-on-year decrease of 8.64%. The company achieved revenue of 10.306 billion in the second quarter, a year-on-year decrease of 2.08%, and achieved net profit of 0.646 billion yuan without return to mother, an increase of 42.41% over the previous year.
The pharmaceutical, device and diagnostic, and medical service businesses are improving
The company's pharmaceutical business achieved revenue of 14.677 billion yuan, of which revenue from innovative drugs exceeded 3.7 billion yuan and maintained steady growth. The pharmaceutical business revenue without COVID-19 products increased 1.89% year on year. The device and medical diagnosis business achieved revenue of 2.069 billion yuan (-6.72% year over year), mainly due to a decline in revenue from COVID-19 antigens, nucleic acid detection reagents and overseas sales revenue of non-proprietary COVID-19 products. Excluding COVID-related products, the device and diagnostic business revenue increased 4.97% year on year. The medical service business achieved revenue of 3.659 billion yuan (+16.90% year-on-year), achieved segmental profit of 0.14 billion yuan, and a year-on-year loss of 0.128 billion yuan. The main reason was the further focus of online business, optimization of expenses and cost reduction benefits of centralized procurement of pharmaceutical devices.
The pharmaceutical and device business is growing well
The pharmaceutical business was updated several times during the reporting period. New indications for avatripopa were approved, medical insurance prices for capraxen and topefigastine were implemented in January 2024, trastuzu biosimilar drugs were approved for marketing in the US, the first batch of overseas shipments was completed in January 2024, and bridging tests initiated in the US are also being carried out in an orderly manner. In the medical equipment business of 2024H1, Da Vinci Robotics has installed 24 units in China and Macau, China. FuRui Medical Technology has launched multi-functional flagship devices, starting with photorejuvenation, and its agent, the sodium hyaluronate complex, was launched in Hainan in April 2024. We believe that the company's pharmaceutical and device business is growing well.
Maintaining an “Overweight” rating
We expect the company's revenue for 2024-2026 to be 43.585/47.425/51.575 billion yuan, respectively, with year-on-year growth rates of 5.28%/8.81%/8.75%, and net profit to mother of 3.852/4.425/5.017 billion yuan, respectively, with year-on-year growth rates of 61.43%/14.87%/13.39%, EPS 1.44/1.66/1.88 yuan/share, respectively, and a 3-year CAGR of 28.11%. Given that the company's pharmaceutical, medical services, and device businesses all improved in 2024, it maintained an “gain” rating.
Risk warning: sales of new and sub-new products fall short of expectations; medical service losses fall short of expectations
