JINGXIN(002020) EBSCN·2024-08-20 06:14Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The marketing model reform is showing effects, leading to incremental growth opportunities [2] - The company is advancing the commercialization of its first insomnia treatment drug, Didasyn, which was officially launched on March 25, 2024 [3] - The company has a strong product pipeline and brand influence in the mental health sector, positioning itself as a leader in the industry [3] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved revenue of 2.15 billion yuan, a year-on-year increase of 11.02% [1] - The net profit attributable to shareholders was 402 million yuan, up 27.28% year-on-year, with a basic EPS of 0.47 yuan [1] - Operating cash flow reached 476 million yuan, reflecting a 15.25% increase year-on-year [1] Product Revenue - The company reported a revenue of 1.30 billion yuan from finished drugs, representing a year-on-year growth of 17.13% [2] - The internal trade revenue from finished drugs grew approximately 16% year-on-year, with the external market revenue increasing by over 80% [2] Research and Development - R&D investment in the first half of 2024 was 197 million yuan, a 15.14% increase year-on-year [3] - The company is focusing on innovative drugs for mental health and cardiovascular treatments, with several projects entering clinical research phases [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 654 million, 751 million, and 948 million yuan respectively, with corresponding PE ratios of 15, 13, and 11 times [3]