TASLY(SH:600535) KAIYUAN SECURITIES·2024-08-26 12:41Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][13] Core Views - The company reported a slight decline in revenue for H1 2024, achieving 4.372 billion yuan, a year-on-year decrease of 0.46%. However, the gross margin improved to 67.46%, an increase of 1.28 percentage points [5] - The company is optimistic about its innovation-driven growth potential, maintaining profit forecasts for 2024-2026 with expected net profits of 1.183 billion, 1.279 billion, and 1.380 billion yuan respectively [5] - The pharmaceutical industrial segment showed steady revenue growth across various product lines, with traditional Chinese medicine revenue at 3.121 billion yuan (up 3.53%) and chemical preparations at 631 million yuan (up 12.57%) [6] Financial Performance Summary - H1 2024 financial highlights include: - Revenue: 4.372 billion yuan (down 0.46%) - Net profit attributable to shareholders: 662 million yuan (down 6.33%) - Non-recurring net profit: 735 million yuan (up 6.31%) - Gross margin: 67.46% (up 1.28 percentage points) - Net margin: 14.94% (down 0.70 percentage points) [5] - The company has a total market capitalization of 20.183 billion yuan and a current stock price of 13.51 yuan [4] R&D and Product Pipeline - The company is enhancing its R&D efforts with a pipeline of 101 products, including 40 first-class innovative drugs. Notably, two traditional Chinese medicine products are in the production application stage, and 19 innovative traditional Chinese medicine products are in clinical II and III phases [7] - The company has received registration approval for its chemical drug, and its biological drug for acute ischemic stroke has submitted a production application [7]