Q2 业绩超市场预期，盈利能力提升。公司半年度营收创历史新高，盈利能力回升，2024H1 毛利率为26.60%（YoY+1.96pct），净利率为13.98%（YoY+1.28pct），单季度来看，2024Q2 实现营收15.54 亿元（YoY+11.01%），归母净利润2.06 亿元（YoY+26.42%），扣非净利润2.02 亿元（YoY+21.99%），同比均实现快速增长，毛利率为25.87%（YoY+3.22pct），净利率为13.25%（YoY+1.68pct）。我们认为收入及利润快速增长的主要原因是：①医药板块景气度回升，海外需求旺盛；②主导产品销量持续提升，有效稳固市占率，24H1 公司20 个产品实现了销量增长。occurrences
On August 29, 2024, the company released its 2024 semi-annual report. 2024H1 achieved operating income of 2.892 billion yuan (YoY +2.94%), net profit of 0.405 billion yuan (YoY +13.18%), and deducted non-net profit of 0.395 billion yuan (YoY +10.44%).
viewpoints
Q2 Performance exceeded market expectations, and profitability improved. The company's semi-annual revenue reached a record high, and profitability rebounded. The 2024H1 gross margin was 26.60% (YoY+1.96pct), and the net interest rate was 13.98% (YoY+1.28pct). Looking at a single quarter, 2024Q2 achieved revenue of 1.554 billion yuan (YoY +11.01%), net profit due to mother of 0.206 billion yuan (YoY +26.42%), after deducting 0.202 billion yuan (YoY +21.99%), both achieved rapid year-on-year results Growth, gross margin was 25.87% (YOY+3.22pct) and net margin was 13.25% (YOY+1.68pct). We believe that the main reasons for the rapid increase in revenue and profit are: ① the pharmaceutical sector is booming and overseas demand is strong; ② the sales volume of leading products continues to rise, effectively stabilizing the market share, and 24H1 has achieved sales growth for 20 products.
The key pharmaceutical intermediates business achieved year-on-year growth, and the market share of major animal protection APIs increased. By business, in the specialty drug business, the company set up an independent management team, which effectively improved operating efficiency; the cephalosporin series business achieved strong growth in 2024H1 production and sales; the pharmaceutical formulation business achieved significant results with commercialization projects with key international customers such as Abbott; in the key pharmaceutical intermediates business, the company increased international market exports and achieved year-on-year revenue growth; in the animal protection APIs business, fluorphenicol, doxycycline and other products further increased its market share.
The fund-raising project was completed and put into operation, and production capacity was further expanded. The company continues to promote the construction of key projects, including fund-raising projects. The company's fixed assets grew rapidly from 1.178 billion yuan in 2019 to 3.693 billion yuan in 2023, and the total scale expanded more than 3 times. By the end of June 2024, the fixed asset scale had increased to 3.915 billion yuan. At present, key projects such as the company's fund-raising projects have been completed one after another, and production capacity for major products has been further expanded.
Investment advice
The company's main products have a high market share and a complete industrial chain. In the future, it is expected to achieve global leadership of 30 large-scale products, routine production of 80 products, and production capacity of 120 products. The company's 2024/25/26 revenue is 6.001/6.817/7.828 billion yuan, and net profit to mother is 0.833/1.006/1.206 billion yuan, corresponding to the current PE of 12/10/8X, and continues to be given a “buy” rating.
Risk warning
Industry policy risks; increased risk of market competition; risk of falling product prices; risk of foreign exchange rate fluctuations.
