丽珠集团：公司信息更新报告：促性激素收入稳步提升，加快差异化创新管线研发

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][11]. Core Views - The company has shown a slight profit growth with a decrease in sales expense ratio, maintaining a "Buy" rating. In H1 2024, the company achieved operating revenue of 6.282 billion yuan (down 6.09% year-on-year) and a net profit attributable to shareholders of 1.171 billion yuan (up 3.21%) [2]. - The company is expected to maintain its market advantages across multiple therapeutic areas, with net profit forecasts for 2024-2026 at 2.188 billion, 2.466 billion, and 2.769 billion yuan respectively, and corresponding EPS of 2.36, 2.66, and 2.99 yuan per share [2]. Revenue Performance - In H1 2024, the revenue from chemical preparations was 3.224 billion yuan (down 7.37%), accounting for 51.32% of total revenue. Notably, the revenue from hormone products was 1.549 billion yuan (up 12.51%), making up 24.65% of total revenue [3]. - The revenue from the mental health product line grew steadily, with a reported revenue of 297 million yuan (up 6.68%) [3]. R&D and Product Pipeline - The company is accelerating the development of differentiated innovative pipelines, with several products in various stages of clinical trials and approvals. For instance, the injection of Triptorelin acetate microspheres for prostate cancer was approved in 2023, and the injection of Aripiprazole microspheres has been submitted for production [4]. - The company has completed the enrollment of all subjects for the Phase III clinical trial of recombinant human follicle-stimulating hormone injection by the end of March 2024 [4]. Financial Forecasts - The company’s financial forecasts indicate a steady increase in operating revenue from 12.63 billion yuan in 2022 to an expected 15.495 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 9% [5]. - The projected net profit attributable to shareholders is expected to grow from 1.909 billion yuan in 2022 to 2.769 billion yuan in 2026, reflecting a CAGR of about 12.3% [5]. Market Position - The current stock price is 35.74 yuan, with a market capitalization of 33.109 billion yuan. The stock has a P/E ratio projected to decrease from 18.2 in 2022 to 12.6 in 2026, indicating potential for value appreciation [6].