Chipscreen(SH:688321) Great Wall Securities·2024-08-20 08:38Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4] Core Viewpoints - The company is a pioneer and leader in the field of original innovative drugs in China, focusing on developing original molecular entities for major diseases with global patent protection and unique clinical effects to meet unmet clinical needs [4] - The new indications for the drug Sidabamine have been successfully approved, and revenue continues to grow steadily; the drug Siglitazone has entered a rapid growth phase following its inclusion in medical insurance [2][4] - The company has a rich pipeline with ongoing clinical trials for Sidabamine, Siglitazone, and other candidates, which is expected to ensure long-term growth potential [4] Financial Summary - In H1 2024, the company achieved operating revenue of 302 million yuan, a year-on-year increase of 25.06%; however, it reported a net loss attributable to shareholders of 41 million yuan, compared to a net profit of 156 million yuan in the same period last year [1] - For Q2 2024, the operating revenue was 172 million yuan, a year-on-year increase of 27.00%, with a net loss of 23 million yuan compared to a net profit of 188 million yuan in the same period last year [1] - The gross margin for H1 2024 was 87.91%, a decrease of 2.59 percentage points year-on-year, while the expense ratios for sales, management, R&D, and financial costs showed significant optimization [2] Revenue and Profit Forecast - The company forecasts net profits attributable to shareholders of -52 million yuan, 20 million yuan, and 95 million yuan for 2024, 2025, and 2026 respectively, corresponding to predicted P/E ratios of -135, 360, and 75 times [4]