Kanion Pharmaceutical(SH:600557) Soochow Securities·2024-07-31 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company's revenue for the first half of 2024 was 2.26 billion yuan, a decrease of 11.49% year-on-year, while the net profit attributable to the parent company was 265 million yuan, down 3.73% [2] - Sales performance of oral liquids and gel preparations was strong, with structural changes in expense ratios observed [2] - The company continues to advance compliance construction and innovative research and development [2] Financial Performance Summary - For 2024, the company is expected to achieve total revenue of 4.93 billion yuan, with a year-on-year growth of 1.35% [1] - The net profit attributable to the parent company is forecasted to be 569 million yuan in 2024, reflecting a growth of 6.01% [1] - The latest diluted EPS is projected to be 0.98 yuan per share for 2024, with a P/E ratio of 14.82 based on the current price [1] Product Performance Summary - In H1 2024, injection revenue was 840 million yuan (down 27.49%), while oral liquid revenue increased by 28.60% to 544 million yuan [2] - Gel preparations saw a significant increase in revenue by 107.87%, reaching 21 million yuan [2] - The company maintained a gross margin of 74.55%, with a slight decrease of 0.4 percentage points compared to the same period last year [2] Research and Development Summary - The company submitted three new drug applications and completed two Phase III clinical studies in H1 2024 [2] - The product pipeline is strong, with seven products included in nine guideline consensus documents [2] - The sales team is enhancing professional skills through academic empowerment initiatives [2]