亿帆医药：业绩反转趋势确立，重点关注创新药国内外放量进程

Investment Rating - The report maintains a rating of "Accumulate" for the company [18]. Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 53.33 billion yuan, 63.62 billion yuan, and 72.99 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 31.1%, 19.3%, and 14.7% [2][19]. - The net profit attributable to shareholders is forecasted to be 5.07 billion yuan, 7.63 billion yuan, and 10.31 billion yuan for the same years, with corresponding PE ratios of 30.1, 20.0, and 14.8 [2][19]. - The company has reported a significant increase in net profit for the first half of 2024, expected to be between 2.46 billion yuan and 2.80 billion yuan, representing a year-on-year increase of 126.39% to 157.68% [6]. Summary by Sections Financial Performance - The company has shown a strong performance in the second quarter of 2024, with net profit and net profit excluding non-recurring gains and losses increasing by 165.91% and 122.06% year-on-year respectively [11]. - The growth is attributed to both new and existing proprietary pharmaceutical products, which have achieved initial market penetration, leading to a higher growth rate in gross profit compared to expense growth [11]. Product Development - The company is entering a commercialization phase for its innovative drugs, with expectations for continued high growth in the second half of 2024, driven by products like Yilishu® and the rapid market acceptance of Yinikang® [13]. - The inclusion of Yilishu® in the medical insurance directory is anticipated to significantly boost domestic sales, while its recognition in authoritative clinical guidelines is expected to enhance its market performance overseas starting from Q3 2024 [13]. Market Position - The company’s proprietary formulations are expected to maintain steady growth, with new product launches contributing positively to revenue [13]. - The raw material drug prices are currently low, which is expected to limit the negative impact on the company's overall performance [13].