千红制药：2024中报点评：肝素API利润显著修复，创新转型稳步推进

Investment Rating - The report maintains a "Buy" rating for Qianhong Pharmaceutical [1][3] Core Views - The company reported a significant recovery in heparin API profits and steady progress in its innovative transformation [2] - In H1 2024, the company achieved operating revenue of 856 million yuan, a decrease of 19.04% year-on-year, while net profit attributable to shareholders was 183 million yuan, an increase of 53.57% [2] - The raw material drug segment faced short-term pressure, with revenue of 269 million yuan in H1 2024, down 41.34%, but the gross margin improved significantly to 33.7% [2] - The formulation segment remained stable, with revenue of 584 million yuan in H1 2024, a slight decrease of 1.49%, and a gross margin of 61.36% [2] - The company is making steady progress in its innovative transformation, with QHRD107 and QHRD106 entering Phase II clinical trials [2] Summary by Sections Financial Performance - H1 2024 operating revenue was 856 million yuan, with a net profit of 183 million yuan, and a non-recurring net profit of 179 million yuan [2] - The company adjusted its net profit forecasts for 2024-2025 to 331 million yuan and 379 million yuan, respectively [3] - The projected P/E ratios for 2024-2026 are 22, 19, and 17 times, respectively [3] Business Segments - The raw material drug segment's revenue was impacted by a continued destocking cycle, particularly in heparin, but the company benefits from being one of the lowest inventory holders [2] - The formulation segment's performance was stable, with growth in the sales of protease products and strategic collaborations enhancing brand recognition [2] Innovation and Growth - The innovative transformation is progressing well, with promising clinical trial results for QHRD107 and QHRD106, targeting significant market opportunities in acute myeloid leukemia and stroke [2]