丽珠集团：公司简评报告：业绩基本平稳，期待研发和BD成果兑现

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance remained stable with good cost control capabilities In H1 2024, the company achieved operating revenue of 6 282 billion yuan (-6 09%) and net profit attributable to the parent company of 1 171 billion yuan (+3 21%) The gross profit margin increased by 1 87pct to 65 96%, and the net profit margin increased by 4 01pct to 21 56% [3] - The chemical preparation segment faced short-term pressure, while the diagnostic reagent segment showed strong growth In H1 2024, the chemical preparation segment revenue was 3 224 billion yuan (-7 37%), with the digestive tract field revenue declining by 19 96% due to price reductions and policy impacts The diagnostic reagent and equipment segment revenue grew by 32 33% to 394 million yuan [3] - The company is steadily advancing its R&D pipeline and accelerating BD efforts Key projects include the launch of Triptorelin Microspheres for prostate cancer and the submission of supplementary materials for endometriosis The company also introduced several innovative drugs through BD, enriching its product pipeline [4] - The company is expected to achieve net profits attributable to the parent company of 2 159 billion yuan, 2 384 billion yuan, and 2 664 billion yuan in 2024-2026, with EPS of 2 33 yuan, 2 57 yuan, and 2 88 yuan respectively The current stock price corresponds to a PE ratio of 15 09x, 13 66x, and 12 23x for 2024-2026 [4] Financial Performance Summary - In H1 2024, the company's operating revenue was 6 282 billion yuan (-6 09%), with net profit attributable to the parent company of 1 171 billion yuan (+3 21%) The gross profit margin was 65 96%, and the net profit margin was 21 56% [3] - The company's total share capital is 926 4 million shares, with a market capitalization of 35 16 yuan per share The debt-to-asset ratio is 42 89%, and the ROE is 8 04% [2] - The company's revenue is expected to grow at a CAGR of 7 47% from 2024 to 2026, with net profit attributable to the parent company growing at a CAGR of 10 89% over the same period [6] R&D and BD Progress - The company is actively developing high-barrier complex preparations and specialty biologics Key projects include Triptorelin Microspheres, Aripiprazole Microspheres, and Semaglutide Injection The company has also introduced several innovative drugs through BD, such as KCNQ2/3 and DHODH inhibitors [4] Valuation and Forecast - The company's EPS is expected to be 2 33 yuan, 2 57 yuan, and 2 88 yuan in 2024-2026, with a PE ratio of 15 09x, 13 66x, and 12 23x respectively The PB ratio is expected to be 2 02x, 1 76x, and 1 54x over the same period [6] - The company's revenue is forecasted to reach 13 239 billion yuan, 14 223 billion yuan, and 15 427 billion yuan in 2024-2026, with net profit attributable to the parent company of 2 159 billion yuan, 2 384 billion yuan, and 2 664 billion yuan respectively [6]