丽珠集团：经营平稳，静待BD和自研项目转化

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [6] Core Views - The company reported a stable operation, awaiting the conversion of BD and self-research projects [10] - In the first half of 2024, the company achieved revenue of 6.282 billion yuan, a year-on-year decrease of 6.09%, and a net profit attributable to the parent company of 1.171 billion yuan, a year-on-year increase of 3.21% [10][11] - The company expects revenue growth driven by biological products and chemical preparations in the future [10] Financial Performance Summary - In the first half of 2024, the chemical preparation business generated revenue of 3.224 billion yuan, down 7.37% year-on-year, while the raw material drug business generated revenue of 1.761 billion yuan, down 1.16% year-on-year [10] - The company anticipates revenue for 2024-2026 to be 13.163 billion, 13.947 billion, and 14.875 billion yuan, with year-on-year growth rates of 5.90%, 5.95%, and 6.66% respectively [11] - The net profit attributable to the parent company is projected to be 2.196 billion, 2.456 billion, and 2.700 billion yuan for 2024-2026, with year-on-year growth rates of 12.41%, 11.84%, and 9.95% respectively [11] Business Development - The company has introduced the PCAB drug JP-1366, which is expected to supplement its gastrointestinal products [10] - The company is preparing for Phase III clinical trials for the semaglutide weight loss indication and has completed patient enrollment for the Phase III clinical study of the IL-17 antibody drug for psoriasis [10]