佐力药业：乌灵胶囊增速亮眼

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 1.43 billion yuan in H1 2024, representing a year-on-year increase of 41.2%. The net profit attributable to shareholders reached 300 million yuan, up 49.8%, while the net profit excluding non-recurring items was 290 million yuan, an increase of 50.8% [2] - The second quarter of 2024 showed steady growth, with significant increases in the sales of traditional Chinese medicine products, particularly the Wuling capsule and Lingze tablets. The sales revenue of the Wuling series grew by 29.15%, with the Wuling capsule alone increasing by 28.86%. The revenue from traditional Chinese medicine formula granules surged by 256.73% due to an increase in registered varieties [2] - The company's gross margin for H1 2024 was 62.6%, a decrease of 6.7 percentage points, while the net profit margin improved by 1 percentage point to 21%. The sales expense ratio decreased by 7.4 percentage points to 34.2%, and the R&D expense ratio fell by 1.3 percentage points to 2.74% [2] - The core products are expected to continue their positive development trends, with the Wuling series benefiting from its inclusion in the national essential medicines list and provincial bulk purchasing programs. The Bailing series is also anticipated to grow, with Bailing capsules already listed in 28 provinces as of June 2024 [2] - The company forecasts net profits attributable to shareholders of 520 million yuan, 630 million yuan, and 770 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 37%, 21%, and 21% [2] Summary by Sections Financial Performance - H1 2024 revenue: 1.43 billion yuan (+41.2%) - H1 2024 net profit: 300 million yuan (+49.8%) - H1 2024 net profit excluding non-recurring items: 290 million yuan (+50.8%) [2] Product Performance - Wuling series revenue growth: 29.15% - Wuling capsule revenue growth: 28.86% - Traditional Chinese medicine formula granules revenue growth: 256.73% - Traditional Chinese medicine slices revenue growth: 57.11% [2] Profitability Metrics - H1 2024 gross margin: 62.6% (-6.7pp) - H1 2024 net profit margin: 21% (+1pp) - H1 2024 sales expense ratio: 34.2% (-7.4pp) - H1 2024 R&D expense ratio: 2.74% (-1.3pp) [2] Future Projections - Expected net profits for 2024-2026: 520 million yuan, 630 million yuan, 770 million yuan - Year-on-year growth rates for net profits: 37%, 21%, 21% [2]