Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its main business, with a significant increase in R&D investment. The revenue for the first half of 2024 reached 525.06 million yuan, representing a year-on-year growth of 23.88%, while the net profit attributable to the parent company was 134.21 million yuan, up 12.35% year-on-year [2][3] - The company is expected to maintain robust order growth, with new orders in the first half of 2024 amounting to 711 million yuan, a year-on-year increase of 13.38% [2][3] - The company anticipates revenue growth to outpace profit growth due to increased R&D spending and a decline in revenue from equity-sharing businesses [2][3] Financial Performance Summary - Revenue and Profit Forecast: - 2024E Revenue: 1,338.87 million yuan (31.59% growth) - 2025E Revenue: 1,756.74 million yuan (31.21% growth) - 2026E Revenue: 2,269.90 million yuan (29.21% growth) - 2024E Net Profit: 333.35 million yuan (22.57% growth) - 2025E Net Profit: 411.31 million yuan (23.39% growth) - 2026E Net Profit: 515.12 million yuan (25.24% growth) [2][3][7] - Key Financial Metrics: - Gross Margin for H1 2024: 68.75% (up 2.19 percentage points) - Net Margin for H1 2024: 25.56% (down 2.62 percentage points) - R&D Expenses for H1 2024: 149 million yuan (up 61.94%) [2][3][5] Business Segment Performance - The company’s revenue from entrusted R&D services in H1 2024 was approximately 206 million yuan (up 5.8%), while revenue from self-developed technology transfer was about 290 million yuan (up 52.4%) [3] - The CDMO segment saw a significant decline in revenue, amounting to 5.12 million yuan (down 70.4%), but is expected to recover as production capacity ramps up [3] - The innovative drug development segment is progressing, with the BIOS-0618 clinical trial ongoing, which is anticipated to contribute positively to future performance [3] Valuation Metrics - P/E Ratio for 2024E: 13.89 - P/B Ratio for 2024E: 1.53 - PEG Ratio for 2024E: 0.62 [1][7]
百诚医药：主业稳健增长，研发投入快速增加