Workflow
哈药股份:营销改革&产品重塑驱动2024H1业绩超预期

Investment Rating - The report maintains a "Buy" investment rating for the company [14][15]. Core Views - The company is expected to achieve a significant increase in revenue and profit for the first half of 2024, with revenue projected between 3.12 billion to 3.75 billion yuan, representing a year-on-year growth of 71% to 105%. The net profit is expected to be between 2.84 billion to 3.41 billion yuan, reflecting a year-on-year increase of 84% to 120% [1][2]. - The strong performance is attributed to marketing reforms and product repositioning, which have driven better-than-expected results for the first half of 2024 [2][14]. - The company has a robust product portfolio with 1,802 drug approvals and 123 health product approvals, contributing to its growth trajectory [3]. Financial Summary - The company’s projected revenues for 2024 to 2026 are 16.457 billion yuan, 17.919 billion yuan, and 19.784 billion yuan, with year-on-year growth rates of approximately 6.5%, 8.9%, and 10% respectively [15]. - The expected net profit for the same period is 5.21 billion yuan, 6.83 billion yuan, and 8.98 billion yuan, with growth rates of about 32% for each year [15]. - The gross profit margin is anticipated to improve from 26.2% in 2023 to 31.0% by 2026 [5]. Operational Insights - The company has shifted its sales strategy from a heavy distribution model to a focus on terminal promotion, enhancing its operational efficiency [2][3]. - The management has improved the granularity of its operations, marketing, and product management since the leadership change in December 2023, which is expected to positively impact performance [3]. Market Position - The company is positioned to benefit from a dual optimization of its business and product strategies, which is expected to enhance its gross margin [2][3]. - The report highlights the potential for the company's industrial business to experience a significant turnaround, likening it to a "phoenix rebirth" [3][4].