康缘药业：短期业绩承压，长期发展向好

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The company's performance is under pressure in the short term, but long-term development prospects remain positive [2] - The company reported a revenue of 2.26 billion yuan in the first half of 2024, a decrease of 11.49% year-on-year, and a net profit attributable to shareholders of 265 million yuan, down 3.73% [3] - The company is focusing on compliance marketing and OTC (over-the-counter) development, which is expected to contribute to future growth [3] Financial Performance Summary - The company achieved a revenue of 4.87 billion yuan in 2023, with a projected revenue of 4.88 billion yuan in 2024, indicating a slight increase [5] - The net profit for 2023 was 537 million yuan, with a forecasted net profit of 561 million yuan for 2024 [5] - The gross margin is expected to improve from 74.3% in 2023 to 74.7% in 2024 [6] Research and Development - The company invested 340 million yuan in R&D in the first half of 2024, with an R&D expense ratio of 15.01% [4] - The company has submitted three new drug applications and completed two Phase III clinical studies, indicating a strong pipeline for future products [4] Profit Forecast and Investment Suggestion - The forecast for net profit attributable to shareholders has been adjusted down from 610 million yuan to 560 million yuan for 2024, and from 740 million yuan to 650 million yuan for 2025 [4] - The company is considered a leader in innovative traditional Chinese medicine with a rich pipeline, supporting a long-term positive outlook [4]