丽珠集团：利润平稳增长，BD加速创新转型

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][6][7]. Core Views - The company demonstrates stable profit growth, with a net profit of 1.171 billion yuan in H1 2024, reflecting a year-on-year increase of 3.21% despite a revenue decline of 6.09% to 6.282 billion yuan [5][6]. - The company has a rich product pipeline, with various segments showing different performance levels, particularly in chemical preparations and diagnostic reagents [6][7]. - The company is accelerating its innovation transformation through business development (BD) efforts, with a focus on introducing new drug candidates [7]. Financial Performance Summary - Revenue and Profit: In H1 2024, the company achieved a revenue of 6.282 billion yuan, down 6.09%, while the net profit was 1.171 billion yuan, up 3.21% [5][6]. - Segment Performance: - Chemical preparations generated 3.224 billion yuan, down 7.37%, with notable declines in gastrointestinal products due to price reductions [6]. - Traditional Chinese medicine revenue fell by 21.89% to 745 million yuan, impacted by high base effects from the previous year [6]. - Raw materials revenue remained stable at 1.761 billion yuan, while diagnostic reagents saw a significant increase of 32.33% to 394 million yuan [6]. - Profitability Metrics: The gross margin for H1 2024 was 65.96%, and the net margin was 18.64%, indicating stable profitability [7]. Future Earnings Forecast - The company is projected to achieve net profits of 2.191 billion yuan, 2.499 billion yuan, and 2.831 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.37 yuan, 2.70 yuan, and 3.06 yuan [8][9]. - The current price-to-earnings (P/E) ratios are forecasted to be 14.86, 13.03, and 11.50 for the same years [8][9].