康缘药业：业绩短期承压，合规建设下长期向好

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5][13]. Core Views - The company's performance is under short-term pressure due to compliance construction, but it is expected to improve in the long term [1][2]. - The company is focusing on compliance marketing, which is anticipated to support long-term healthy business development despite current challenges [2]. - The company maintains stable profitability with a gross margin of 74.55% and a net profit margin of 12.01% [3]. Financial Performance Summary - In H1 2024, the company achieved revenue of 2.26 billion yuan, a year-on-year decrease of 11.49%, and a net profit of 265 million yuan, down 3.73% [1]. - For Q2 2024, revenue was 901 million yuan, a decline of 24.98%, with a net profit of 117 million yuan, down 12.59% [1]. - The revenue breakdown by product in H1 2024 shows significant variations, with injections down 27.49% to 840 million yuan, while oral liquids increased by 28.60% to 544 million yuan [2]. Profitability and R&D - The company’s R&D expenses accounted for 15.01% of revenue, reflecting a commitment to new product development [3]. - The company submitted three new drug applications and completed two Phase III clinical trials in H1 2024 [3]. Revenue and Profit Forecast - Revenue forecasts for 2024-2026 have been revised down from 57.73 billion yuan to 48.66 billion yuan for 2024, with net profit estimates adjusted from 6.50 billion yuan to 5.52 billion yuan [4].