佐力药业：2024H1业绩高增，费用控制成效显著

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index within the next six months [9]. Core Insights - The company achieved significant growth in H1 2024, with operating revenue reaching 1.428 billion yuan, a year-on-year increase of 41.21%, and net profit attributable to shareholders of 296 million yuan, up 49.78% year-on-year [2][4]. - The growth in revenue is primarily driven by the strong performance of the company's core products, particularly the Wuling series, which generated 836 million yuan in revenue, reflecting a year-on-year growth of 29.15% [2][4]. - The company has effectively controlled costs, resulting in a net profit margin of 20.73% in H1 2024, an increase of 1.19 percentage points year-on-year [2][4]. Financial Performance - In H1 2024, the company reported a gross profit margin of 62.62%, an increase of 6.69 percentage points year-on-year, while total expenses as a percentage of revenue decreased by 7.72% [2][4]. - The company's return on equity (ROE) improved to 10.95%, up 3.50 percentage points year-on-year, indicating enhanced profitability and shareholder returns [4]. - The report forecasts revenue growth for 2024-2026, estimating revenues of 2.466 billion yuan, 3.024 billion yuan, and 3.653 billion yuan, with year-on-year growth rates of 27%, 23%, and 21% respectively [4]. Product Performance - The Wuling series continues to perform well, with the Wuling capsules and Lingze tablets being included in the national essential drug list, contributing to their strong sales [2][4]. - The company has expanded its market presence through strategic participation in regional procurement alliances, enhancing its product coverage and sales efficiency [2][4]. - The traditional Chinese medicine segment also showed robust growth, with revenue from Chinese herbal pieces reaching 389 million yuan, a year-on-year increase of 57.11% [2][4]. Future Outlook - The company is expected to maintain its growth trajectory, supported by ongoing efforts to enhance hospital coverage and expand into outpatient markets [4]. - The report anticipates continued strong performance from core products, with a focus on mental health treatments, indicating a positive outlook for the company's future growth [4].