Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Viewpoints - The company has shown strong growth in self-research transformation business, with a revenue of 5.25 billion yuan in the first half of 2024, representing a year-on-year increase of 23.88%. The net profit attributable to the parent company reached 1.34 billion yuan, up 12.35% year-on-year [1]. - The self-research transformation revenue reached 2.90 billion yuan, growing by 52.43% year-on-year, with a high gross margin of 87.28%. The company successfully transformed 36 projects in the first half of 2024 [1]. - The company has a robust pipeline with nearly 300 self-research projects, including 19 approved products, and is actively developing new drugs, including 17 self-research projects [1]. - The company’s contract research organization (CRO) services faced short-term pressure, but new orders remained stable, with a total of 7.11 billion yuan in new orders signed in the first half of 2024, a year-on-year increase of 13.38% [1]. Financial Summary - The company is projected to achieve revenues of 11.76 billion yuan, 13.84 billion yuan, and 16.23 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15.6%, 17.6%, and 17.3% [2][4]. - The net profit attributable to the parent company is expected to be 3.00 billion yuan, 3.62 billion yuan, and 4.39 billion yuan for the same years, corresponding to a PE ratio of 14, 12, and 10 [2][4]. - The company’s gross margin is projected to remain stable around 65% over the next few years, with a net profit margin of approximately 25% [4].
百诚医药：2024年半年报点评：自研转化业务持续高增，加速转型新药及难仿药开发