2024H1 实现收入10.55 亿元（yoy+20.3%）；上半年推出小粉条液体钙新品规、满足女性群体特别是孕妇群体补钙需求；2）海露：2024H1 实现收入3.27 亿元（yoy+24.2%），公司加大终端用户营销力度，积极拓展线下药店覆盖范围，保持零售滴眼液市场中的领导地位；3）安斯泰来系列（哈乐、贝坦利、卫喜康等）：2024H1 实现收入2.86 亿元（yoy+64.2%）；4）纽特舒玛：2024H1 实现收入0.58 亿元（yoy+37.1%），通过医院渠道增加曝光+线上渠道加大营销的方式，提升销售规模。The company released its 2024 semi-annual report: in the first half of 2024, the company achieved revenue of 3.59 billion yuan (YoY -1.1%), net profit of 0.37 billion yuan (YoY +21.9%), net profit of 0.37 billion yuan (YoY +27.2%); among them, 2024Q2 achieved revenue of 1.93 billion yuan in a single quarter (-0.8% YoY, +16.4%), net profit to mother 0.203 billion yuan (YoY +12.6% YoY) +22.1% month-on-month), net profit not attributable to mother of 0.206 billion yuan (YoY +24.5%, month-on-month +24.5%).
Focus on the core business brand operation business, and the wholesale distribution business sector continues to be compressed:
Brand operation business: Core products such as Diqiao Hailu have maintained rapid growth. 2024H1 achieved revenue of 2.28 billion yuan (yoy +11.9%), accounting for 63.5% of total revenue; gross profit margin of 44.10%, yoy-0.05pct, and gross profit of 88.9% of total gross profit. In terms of large single products: 1) Diqiao series:
2024H1 achieved revenue of 1.055 billion yuan (yoy +20.3%); launched a new liquid calcium product regulation in the first half of the year to meet the calcium supplement needs of women, especially pregnant women; 2) Hailu: 2024H1 achieved revenue of 0.327 billion yuan (yoy +24.2%). The company increased end user marketing efforts, actively expanded the coverage of offline pharmacies, and maintained a leading position in the retail eye drops market; 3) Astellas series (Harley, Betanley, Weixikang, etc.): 2024H1 achieved revenue 0.286 billion yuan (yoy +64.2%); 4) Newt Schuma: 2024H1 achieved revenue of 0.058 billion yuan (yoy +37.1%), increasing sales scale by increasing exposure through hospital channels and increasing marketing through online channels.
Wholesale distribution and retail business: The wholesale distribution business 2024H1 achieved revenue of 1.11 billion yuan (yoy -21.0%), accounting for 30.8% of overall revenue. The main reason was that the company focused on core brand operations and reduced the scale of the wholesale distribution business; the retail business 2024H1 achieved revenue of 0.19 billion yuan (yoy +7.7%).
Changes in revenue structure+improvement in operating efficiency, and continued improvement in profitability: Benefiting from the increase in the share of high-margin business revenue and the gradual improvement of the company's operating efficiency, the company's gross margin increased 1.89pct to 31.53% year on year in the first half of 2024 (of which Q2 increased 2.78 pcts to 33.05% year on year), and net margin increased 2.13 pcts year over year to 10.18% year on year (of which Q2 increased 1.52 pcts year on year to 10.40%), and profitability continued to improve.
Maintain a “Highly Recommended” investment rating. We are optimistic about the value of Baiyang Pharmaceutical's scarce commercialization platform. The new class 1 nuclear drug will be included in the priority review at the end of August. More new products with a better competitive pattern, such as devices, will be introduced in the future, and the profit level is expected to increase further. It is expected to achieve net profit of 0.85/1.1/1.4 billion yuan in 2024-2026, corresponding to PE 13/10/8 times, respectively, maintaining the “Highly Recommended” rating.
Risk warning: changes in pharmaceutical policies, concentration of brand operations, intensification of market competition, etc.
