Lishengpharma(002393) 开源证券·2024-08-23 08:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 13.25% year-on-year increase in revenue to 745 million yuan in H1 2024, and a 13.50% increase in net profit to 102 million yuan [1] - The company maintains a strong market position across multiple therapeutic areas and has a positive outlook for net profit forecasts for 2024-2026, with expected earnings per share (EPS) of 0.97, 1.09, and 1.17 yuan respectively [1][4] - The sales expense ratio has decreased to 28.51%, while the management and R&D expense ratios have also seen slight reductions, indicating improved operational efficiency [1] Financial Performance - In H1 2024, the company's gross margin was 56.16%, a decrease of 5.89 percentage points, while the net margin increased slightly to 13.60% [1] - The company reported a total revenue of 1.222 billion yuan for 2024E, with a year-on-year growth of 6.0% [4] - The projected net profit for 2024E is 178 million yuan, reflecting a significant decrease of 50.7% year-on-year, followed by a recovery in 2025E and 2026E [4] Segment Performance - The industrial segment reported revenue of 697 million yuan, a growth of 5.99%, while the commercial segment generated 48 million yuan [2] - Capsule products showed strong performance with a revenue increase of 26.25% to 64 million yuan, while tablet and injection revenues declined [2] Strategic Initiatives - The company is focusing on revitalizing low-efficiency assets and exploring new growth opportunities, with over 7% of revenue allocated to innovation and R&D [3] - The approval of new products marks the establishment of the company's sustained-release platform, enhancing its product offerings [3] - The company has successfully signed exclusive distribution agreements for several products, leading to significant sales increases in specific medications [3]