Investment Rating - The report maintains a "Buy" rating for the company, citing attractive valuations and the potential for multiple new drug approvals and pipeline data readouts [3][5] Core Views - The company's revenue for the first half of 2024 reached RMB 16.284 billion (YoY +1.3%), with net profit attributable to shareholders of RMB 3.020 billion (YoY +1.8%) [2] - The gross profit margin increased by 1.7 percentage points to 71.6% in H1 2024 [2] - The pharmaceutical business grew steadily, with revenue from the central nervous system drugs increasing by 15.0% YoY to RMB 5.24 billion [3] - R&D expenses reached RMB 2.542 billion in H1 2024, accounting for 18.8% of pharmaceutical revenue, with 19 projects in Phase II/III clinical trials and 7 projects under regulatory review [3] Financial Performance - Revenue for 2024E is projected at RMB 32.747 billion, with a growth rate of 4.12% [4] - Net profit for 2024E is forecasted at RMB 6.218 billion, with a growth rate of 5.86% [4] - EPS for 2024E is expected to be RMB 0.52, with a P/E ratio of 10x [4] Business Segments - Pharmaceutical business revenue in H1 2024 was RMB 13.55 billion (YoY +4.8%), driven by central nervous system drugs and anti-tumor products [3] - VC raw material business revenue declined by 5.4% YoY, while antibiotic raw material business revenue fell by 6.4% YoY [2] - Functional food and other business revenue decreased by 25.2% YoY [2] R&D and Innovation - The company has a robust R&D pipeline, including platforms for nano-formulations, mRNA vaccines, ADC, monoclonal antibodies, and PROTAC [3] - Key products such as omalizumab, batoclimab, and meloxicam nanocrystal injection are under domestic regulatory review, while irinotecan liposome and amphotericin B liposome are under US regulatory review [3] Market Data - The company's total market capitalization is HKD 67.363 billion, with a total share capital of 11.86 billion shares [6] - The stock price has shown a 7% increase over the past year, with a 3-month turnover rate of 33.8% [6][7] Financial Projections - Revenue for 2026E is projected at RMB 35.743 billion, with a growth rate of 4.59% [4] - Net profit for 2026E is forecasted at RMB 6.898 billion, with a growth rate of 5.24% [4] - EPS for 2026E is expected to be RMB 0.58, with a P/E ratio of 9x [4]
石药集团：2024半年报点评：研发持续投入，创新转型可期