康缘药业：二季度业绩承压，金振带动口服液恢复增长

Investment Rating - The report maintains a "Buy-A" rating for Kangyuan Pharmaceutical (600557.SH) [1][3] Core Views - The company reported a revenue of 2.26 billion yuan for the first half of 2024, a year-on-year decrease of 11.49%, and a net profit attributable to shareholders of 265 million yuan, down 3.73% year-on-year [1] - The second quarter of 2024 saw a significant decline in performance, with revenue of 901 million yuan, a year-on-year decrease of 24.98%, and a net profit of 117 million yuan, down 12.59% year-on-year [1] - Despite short-term sales pressure, the long-term outlook remains positive due to strong R&D capabilities and a rich product pipeline [3] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 74.55%, a slight decrease of 0.4 percentage points, while the net profit margin increased by 0.93 percentage points to 12.01% [2] - The company’s R&D expenses for the first half of 2024 were 339 million yuan, representing a decrease of 6.67%, with an R&D expense ratio of 15.01% [2] - The forecasted revenues for 2024, 2025, and 2026 are 4.80 billion yuan, 5.48 billion yuan, and 6.15 billion yuan respectively, with corresponding net profits of 563 million yuan, 653 million yuan, and 739 million yuan [3][5] Product Performance - Oral liquid and gel products showed growth, with oral liquid revenue reaching 544 million yuan, up 28.60% year-on-year, and gel products revenue at 21 million yuan, up 107.87% [2] - Injection products, however, faced a significant decline, with revenue of 840 million yuan, down 27.49%, and a sharp drop of 46.80% in the second quarter compared to the previous year [2] Market Strategy - The company is focusing on compliance in sales and enhancing academic transformation, with a strategy to strengthen core product lines and expand into OTC and distribution businesses [2]