Beijing Tri Prime Gene Pharmaceutical (BJ:837344) KAIYUAN SECURITIES·2024-08-27 07:05Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is actively advancing four new drug development projects, with a projected increase in net profit of 22% in H1 2024 [1] - The company achieved revenue of 117 million yuan in H1 2024, a year-on-year increase of 16.92%, and a net profit of 9.67 million yuan, up 4.90% year-on-year [1] - The company is expanding its market share through centralized procurement, adding 460 new medical terminals in provinces such as Guangdong, Henan, and Shanxi [2] - The core pipeline, α1b nebulized inhalation solution for treating pediatric RSV pneumonia, is progressing well, with registration application preparation completed [3] Financial Summary - Revenue is projected to grow from 245 million yuan in 2023 to 319 million yuan in 2024, representing a year-on-year growth of 30.2% [4] - The net profit is expected to increase from 32 million yuan in 2023 to 42 million yuan in 2024, with a year-on-year growth of 32.5% [4] - The company maintains a gross margin of approximately 80% and a net margin of around 13.2% for 2024 [4] - Earnings per share (EPS) is projected to rise from 0.26 yuan in 2023 to 0.34 yuan in 2024 [4]