上海医药：CSO业务成绩亮眼，多业务引擎注入长期增长动能

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS of 1.43/1.58/1.74 yuan for 2024-2026 and corresponding PE ratios of 13.09/11.87/10.79x [5] Core Views - The company demonstrates robust revenue and profit growth, with 2024H1 revenue reaching 139.41 billion yuan (+5.14%) and net profit attributable to parent company of 2.94 billion yuan (+12.72%) [3] - The pharmaceutical commercial segment shows strong performance, with CSO contract promotion business achieving sales of approximately 4 billion yuan, a 172% year-on-year increase [3] - The company continues to optimize its expense control, with sales expense ratio decreasing by 1.12 percentage points to 4.71% in 2024H1 [3] Business Performance Pharmaceutical Commercial Segment - Achieved revenue of 126.68 billion yuan (+7.45%) in 2024H1, with distribution business contributing 127.03 billion yuan (+6.91%) [3] - Successfully introduced 8 new imported agency products and expanded SPD cooperation projects, adding 15 new SPD projects in the first half of 2024 [3] Pharmaceutical Industrial Segment - Generated revenue of 12.73 billion yuan (-13.37%) in 2024H1, mainly due to one-time impact of price reductions [3] - Traditional Chinese medicine business maintained stable growth, with industrial revenue reaching 5.19 billion yuan (+1.41%) [3] R&D and Innovation - Increased R&D investment to 1.40 billion yuan (+15.26%) in 2024H1, accounting for 11.03% of industrial sales [4] - Currently has 64 new drug pipelines in clinical application or subsequent research stages, including 50 innovative drugs [4] Financial Projections - Forecasts net profit attributable to parent company of 5.31/5.85/6.44 billion yuan for 2024-2026, with revenue growth rates of 10.37%/10.17%/10.09% [6] - Expects gross margin to improve from 12.0% in 2023 to 13.1% by 2026, with net margin stable at around 1.8% [7] Strategic Development - Accelerated integration of marketing systems and established a new pharmaceutical sales company to enhance terminal self-operation capabilities [4] - Strengthened provincial platform construction and formed a new pattern of commercial integrated development [4]