2024H1 制剂业务实现营收9456 万元，同比增长48.27%。公司目前拥有10 个多肽制剂品种的注册批件，醋酸阿托西班注射液与注射用生长抑素以双第一顺位成功入选第八批集采，有望打开制剂的向上空间。2024H1 原料药业务实现营收5683万元，同比增长11.16%。截至2024 年6 月底，公司已拥有19 个自主研发的多肽类原料药品种，已取得14 个品种多肽原料药生产批件或激活备案。随着下游以GLP-1 为代表的市场需求快速释放，多肽原料药业务预计将进入快速成长期。Q3 Performance grew rapidly, and the three core sub-businesses developed steadily as a whole
With 2024Q1-3, the company achieved operating income of 0.338 billion yuan, a year-on-year increase of 16.00%; net profit to mother was 56.95 million yuan, an increase of 63.66%; net profit after deducting non-return to mother was 53.66 million yuan, an increase of 129.64% year-on-year. Looking at Q3 alone, the company achieved operating income of 0.139 billion yuan, up 18.32% year on year and 46.39% month on month; net profit to mother 35.16 million yuan, up 140.02% year on year, up 561.46% month on month; net profit after deducting non-return to mother of 34.53 million yuan, up 144.80% year on year and 800.35% month on month. The company's three core sectors are developing steadily, various peptide API products have been registered at home and abroad, and the signing of a 0.35 billion yuan order is expected to boost the rapid development of the API business. We are optimistic about the long-term development of the company and maintain the original profit forecast. We expect net profit to be 0.106/0.139/0.186 billion yuan for 2024-2026, EPS is 0.95/1.24/1.66 yuan, and the current stock price is 32.6/24.9/18.5 times, maintaining a “buy” rating.
The “barefoot” variety in the formulation business won the bid, and the landing of large orders is expected to boost the rapid growth of the API business
The 2024H1 formulation business achieved revenue of 94.56 million yuan, an increase of 48.27% year over year. The company currently has registration approvals for 10 types of polypeptide preparations. Atosiban acetate injection and somatostatin for injection were successfully selected for the eighth batch in the first ranking, which is expected to open up upward space for formulations. The 2024H1 API business achieved revenue of 56.83 million yuan, an increase of 11.16% year over year. By the end of June 2024, the company had 19 self-developed polypeptide raw materials, and had obtained production approvals or activation records for 14 types of peptide APIs. With the rapid release of downstream market demand represented by GLP-1, the peptide API business is expected to enter a period of rapid growth.
On September 17, Shengnuo Pharmaceutical, a wholly-owned subsidiary, signed a GLP-1 peptide API “Product Purchase Contract” with the customer worth about 0.35 billion yuan. The large order is expected to boost the rapid growth of the API business.
Continue to promote the construction of peptide production capacity, and new production capacity will soon be implemented to break through supply-side bottlenecks
The company continues to promote peptide production capacity construction. The 2024H1 fund-raising project “Engineering Technology Center Upgrade Project” has been successfully completed, and R&D capabilities will be further improved; the main construction of the “395 kg Peptide API Production Line Project”, the “Pharmaceutical Industrialization Technology Transformation Project” and the “Peptide Innovative Drug CDMO, API Industrialization Project” has been completed and has entered the equipment commissioning stage, and the new production capacity is about to break through supply-side bottlenecks.
Risk warning: Pharmaceutical policy changes, project progress falling short of expectations, declining demand for peptide drug research and development.
