中国生物制药 2024H1 业绩点评：业绩超预期，创新转型步入新阶段

Investment Rating - The report maintains an "Accumulate" rating for China Biopharmaceuticals [2][5] Core Viewpoints - The company's performance exceeded expectations, with a revenue of RMB 15.87 billion in 2023, representing a year-on-year increase of 11.1%, and a net profit attributable to shareholders of RMB 3.02 billion, up 139.7% year-on-year [2] - The revenue from innovative products is increasing, marking a transition into a new phase for the company, with innovative products generating RMB 6.13 billion in H1 2024, a 14.8% increase year-on-year, accounting for 38.6% of total revenue [2] - The company is focusing on both internal and external pipelines, with multiple key products in late-stage clinical trials or NDA phases, ensuring long-term growth [2] Financial Summary - Revenue for 2023 is projected at RMB 30.79 billion, with a year-on-year growth of 17.5% [2] - The adjusted EPS forecast for 2024-2026 has been revised to RMB 0.23, RMB 0.18, and RMB 0.21 respectively [2] - The gross profit margin for H1 2024 is reported at 82.1%, with a net profit margin showing a continuous upward trend [2]