健康元(600380)年报点评：加大研发投入 推进创新转型

Core Viewpoint - The company reported a decline in revenue and net profit for the fiscal year 2024, with total revenue at 15.619 billion yuan, down 6.17% year-on-year, and net profit attributable to shareholders at 1.387 billion yuan, down 3.90% year-on-year, which is in line with expectations [1] Group 1: Business Performance - The anti-infection segment showed signs of recovery with a year-on-year growth of 9.69%, while the respiratory business faced a significant decline of 36.98% due to the impact of centralized procurement and high base effects from 2023 [2] - The health food and OTC segment experienced rapid growth, achieving revenue of 0.697 billion yuan, a year-on-year increase of 53.91% [2] - The raw materials and intermediates segment remained relatively stable, generating revenue of 2.025 billion yuan, down 2.63% year-on-year, with stable price growth for 7-ACA but a decline in revenue for meropenem raw materials due to price drops and increased market competition [2] Group 2: R&D and Innovation - The company increased R&D investment by 30% in 2024, focusing on a rich product pipeline, with the first flu drug, Marpapsavir, having submitted an NDA application in August 2024 [4] - The gross margin for pharmaceutical manufacturing remained stable at 63.08%, with a slight increase of 0.64 percentage points year-on-year, and overall expenses decreased due to refined management and reduced costs from centralized procurement [4] - The company’s R&D expenses were 1.43 billion yuan, down 13.62% year-on-year, indicating a focus on innovation and improved R&D efficiency [4] Group 3: Future Outlook - The company is entering a new phase of accelerated innovation transformation, with new products expected to drive future growth [5] - Revenue forecasts for 2025-2027 have been slightly adjusted downwards, with expected revenues of 16.04 billion, 17.00 billion, and 18.02 billion yuan, reflecting a year-on-year growth of 2.7%, 6.0%, and 6.0% respectively [5] - The projected net profit for the same period is 1.46 billion, 1.56 billion, and 1.68 billion yuan, with corresponding EPS of 0.80, 0.85, and 0.92 yuan [5]