Investment Rating - The report maintains a "Buy" rating for 3SBio (01530) [1] Core Views - 3SBio's 2024H1 performance met expectations, with robust growth in key products and a rich pipeline of innovative drugs [4] - The company's revenue for 2024H1 reached RMB 4.389 billion, a YoY increase of 16.01%, and net profit attributable to shareholders was RMB 1.090 billion, up 11.15% YoY [4] - Key products such as TPIAO, EPO, Yisaipu, and Cyramza showed strong sales growth, with TPIAO sales reaching RMB 2.48 billion, up 22.6% YoY [4] - The company's gross margin improved to 86.51%, up 1.9 percentage points, with effective cost control across sales, management, and R&D expenses [4] - 3SBio is advancing its R&D projects, with multiple products nearing commercialization, including SSS06 for CKD anemia and TPIAO for CLDT, expected to file NDAs in 2024H2 [4] - The company has entered into a cooperation agreement with Hansoh Pharma for the weight-loss indication of semaglutide injection, tapping into the vast weight-loss treatment market [4] - 3SBio has demonstrated strong shareholder returns, distributing dividends and repurchasing shares totaling HKD 860 million in 2024H1, representing over 40% of 2023 operating profit [4] Financial Projections - Revenue for 2024-2026 is projected to be RMB 8.744 billion, RMB 9.535 billion, and RMB 10.269 billion, with YoY growth rates of 12%, 9%, and 8%, respectively [6] - Net profit attributable to shareholders is expected to be RMB 2.013 billion, RMB 2.244 billion, and RMB 2.508 billion for 2024-2026, with YoY growth rates of 30%, 12%, and 12%, respectively [6] - The company's P/E ratios for 2024-2026 are estimated at 7X, 6X, and 6X, respectively [4] Product Performance - TPIAO sales reached RMB 2.48 billion in 2024H1, up 22.6% YoY [4] - EPO sales were RMB 520 million, up 11.3% YoY [4] - Yisaipu sales were RMB 330 million, up 9.5% YoY [4] - Cyramza sales were RMB 160 million, up 48.9% YoY [4] - Mandi sales were RMB 550 million, up 10.0% YoY [4] R&D Progress - SSS06 for CKD anemia has had its NDA accepted [4] - TPIAO for CLDT and 608 (IL-17A antibody) for moderate-to-severe psoriasis are expected to file NDAs in 2024H2 [4] - Winlevi's Phase III bridging clinical trial began enrollment in 2024H1, with an NDA expected in 2025 [4] Shareholder Returns - In 2024H1, 3SBio distributed dividends and repurchased shares totaling HKD 860 million, representing over 40% of 2023 operating profit [4] - Dividend payout was HKD 600 million, with a dividend yield of 4.1% based on the closing price on the ex-dividend date [4] - Share repurchases amounted to HKD 270 million [4]
三生制药：2024H1业绩符合预期，创新产品梯队丰富