心脑血管表现超预期，新老品种齐放量。分业务板块看，1）心脑血管：上半年实现营收2.38 亿元、同比+37.57%，毛利率80.55%、同比+4.51pp；其中依折麦布表现亮眼，销售收入同比增长超110%。2）骨科：上半年实现营收1.93 亿元、同比+3.62%，毛利率84.12%、同比-3.17pp；骨科核心品种藤黄健骨片上半年销量同比增长近5%，已累计覆盖等级医院近2300 家、基层医院约5600 家，集采后医院覆盖率再上台阶；骨科新品玄七健骨片上半年亦实现快速增长，营收超5000万元，同比增长超430%。3）呼吸：上半年实现营收1.46 亿元、同比+12.09%，毛利率76.27%、同比+2.40pp；强力枇杷膏（蜜炼）营收同比增长约26%。4）儿科：上半年实现营收9407 万元、同比-3.50%，毛利率70.04%、同比+7.89pp；小儿荆杏止咳颗粒上半年实现销售收入约4500 万元，同比增长超150%，也带动儿科产品线毛利率的大幅提升。Incident: The company released its 2024 semi-annual report and achieved revenue of 0.91 billion yuan during the reporting period, an increase of 6 over the previous year.
44; Achieved net profit of 0.137 billion yuan, a year-on-year increase of 28.23%; realized net profit of non-return to mother of 0.111 billion yuan, an increase of 26.54% over the previous year.
Q2 Performance exceeded expectations, and gross margin increased significantly due to scale effects. In the second quarter of a single quarter, the company achieved revenue of 0.472 billion yuan, +12.77% year on year; realized net profit of 66.65 million yuan, +55.26% year over year; realized deducted non-net profit of 56.81 million yuan, and +48.26% year over year. In the first half of the year, the company's pharmaceutical industry achieved revenue of 0.837 billion yuan, +9.12% year over year; gross margin was 76.19%, +2.93pp year on year; gross margin increased markedly as the company's key varieties were deployed as scheduled and the scale effect.
The cardiovascular performance exceeded expectations, and both new and old varieties were released. By business segment, 1) Cardiovascular: The first half of the year achieved revenue of 0.238 billion yuan, +37.57% year over year, gross profit margin of 80.55%, and +4.51pp year on year. Among them, Ezemeb performed well, and sales revenue increased by more than 110% year on year. 2) Orthopedics: The first half of the year achieved revenue of 0.193 billion yuan, +3.62% year-on-year, gross profit margin of 84.12%, and -3.17pp; sales of Garcinia Cambogia, the core orthopedic product, increased nearly 5% year on year in the first half of the year, and has covered nearly 2,300 grade hospitals and about 5,600 primary hospitals. After collection, the hospital coverage rate reached the next level; the new orthopedic product Xuan Qi Jian also achieved rapid growth in the first half of the year, with revenue exceeding 50 million yuan, an increase of more than 430% year on year. 3) Breathing: The first half of the year achieved revenue of 0.146 billion yuan, +12.09% year over year, gross profit margin of 76.27%, +2.40pp year on year; strong loquat cream (honey) revenue increased by about 26% year on year. 4) Pediatrics: The first half of the year achieved revenue of 94.07 million yuan, -3.50% year over year, gross profit margin of 70.04%, and +7.89pp; in the first half of the year, children's Jingxing cough tablets achieved sales revenue of about 45 million yuan, an increase of more than 150% year over year, which also led to a significant increase in gross margin of the pediatric product line.
Profitability increased significantly, and R&D investment continued to increase. 2024H1's sales/management/finance/R&D expense ratios were 41.78%/6.88%/0.42%/6.74%, respectively, -0.31pp/ -1.89pp/ -0.07pp/+2.44pp, achieving a net profit margin of 15.03% and +2.56pp year-on-year, and profitability continued to increase. The company stepped up research and development efforts for innovative traditional Chinese medicines. In the first half of the year, the company invested 61.35 million yuan in R&D expenses, +67% over the same period last year. The innovative traditional Chinese medicine drug Noriton granules has now completed long-term toxicity tests, and we expect to be listed in 2024H2.
Profit forecast and investment suggestions: According to our profit forecast slightly adjusted according to the interim report, the company is expected to achieve operating income of 1.899, 2.216, 2.564 billion yuan (pre-forecast values of 1.822, 2.098, 2.429 billion yuan), an increase of 16.6%, 16.7%, 15.7% year-on-year, and achieve net profit of 0.258, 0.314, and 0.39 billion yuan (previous forecast values of 0.243, 0.291, 0.353 billion yuan) yuan), with year-on-year increases of 38.1%, 21.9%, and 24.2%. Considering that many of the company's new and old products are in a period of rapid expansion, operating leverage is expected to be released under the scale effect, leading to high performance growth and maintaining a “buy” rating.
Risk warning events: risk of price reduction in collection; risk of sales of core products falling short of expectations; risk of R&D progress falling short of expectations; risk of untimely update of research report usage information data.
