Kanion Pharmaceutical(SH:600557) KAIYUAN SECURITIES·2024-07-29 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) [14][26]. Core Viewpoints - The company's revenue and profit are under slight pressure, but compliance construction empowers long-term development [14]. - The company achieved a revenue of 2.26 billion yuan in H1 2024, a year-on-year decrease of 11.49%, with a net profit attributable to the parent company of 265 million yuan, down 3.73% year-on-year [16]. - The company is optimistic about its innovation pipeline and has adjusted its net profit forecasts for 2024-2026 to 562 million, 648 million, and 734 million yuan respectively [16]. Financial Summary - The company's total assets are projected to be 79.84 billion yuan in 2025 and 84.54 billion yuan in 2026 [4]. - The operating income for 2024 is estimated at 4.79 billion yuan, with a slight decline from 4.87 billion yuan in 2023 [20]. - The gross profit margin is expected to remain stable around 74.1% in 2024, with a net profit margin of 11.7% [20]. - Earnings per share (EPS) are projected to be 0.97 yuan in 2024, increasing to 1.26 yuan by 2026 [20].