Investment Rating - The report maintains an "Overweight" rating for the company [2][4]. Core Insights - The company's revenue for 2024H1 is projected to be 16.284 billion yuan, reflecting a year-on-year growth of 1.3%, while the adjusted net profit is expected to be 3.217 billion yuan, up 1.7% year-on-year. The overall gross margin stands at 71.6%, an increase of 1.7 percentage points, primarily driven by the higher proportion of the pharmaceutical business [4]. - Despite short-term pressure on the pharmaceutical segment's revenue, the approval of multiple new drugs is anticipated to offset the negative impact of centralized procurement. The company continues to advance its pipeline, supporting a positive long-term outlook [4]. Summary by Sections Financial Performance - The company reported a revenue of 16.284 billion yuan for 2024H1, with a year-on-year increase of 1.3%. The adjusted net profit is projected at 3.217 billion yuan, reflecting a 1.7% increase year-on-year. The gross margin is at 71.6%, up 1.7 percentage points [4][7]. - Revenue forecasts for 2024-2026 have been revised down to 32.720 billion yuan, 34.852 billion yuan, and 37.121 billion yuan, respectively, from previous estimates of 35.029 billion yuan, 39.613 billion yuan, and 44.835 billion yuan [4]. Pharmaceutical Segment - The pharmaceutical segment shows steady growth, with revenue of 13.549 billion yuan, a 4.8% increase. Neurology products generated 5.236 billion yuan, up 15.0%, attributed to the approval of Mingfule for stroke indications [4]. - Oncology product revenue decreased by 10.2% to 2.683 billion yuan, primarily due to price declines from centralized procurement in the Beijing-Tianjin-Hebei region. The anti-infection product revenue increased by 7.7% to 2.307 billion yuan, while cardiovascular products saw a decline of 4.5% to 1.229 billion yuan [4]. Pipeline and Future Prospects - The company has a robust pipeline with several innovative products expected to be approved between 2024 and 2025, including Omalizumab for urticaria and Amphotericin B liposome for deep fungal infections [4]. - Key products such as Enlansumab for cervical cancer and albumin-bound paclitaxel are anticipated to contribute to revenue growth in the coming years [4].
石药集团2024H1点评：业绩短期承压，多款新药陆续获批