九典制药：公司简评报告：盈利能力持续提升，产品梯队日益完善

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 1.366 billion yuan in the first half of 2024, representing a year-on-year increase of 12.19%. The net profit attributable to shareholders was 284 million yuan, up 43.77%, while the net profit after deducting non-recurring items was 255 million yuan, an increase of 43.24% [3][4] - The profitability of the company continues to improve, with the sales expense ratio decreasing to 39.98%, down 8.74 percentage points year-on-year, attributed to the implementation of centralized procurement and the promotion of a semi-self-operated model. The net profit margin increased to 20.80%, up 4.57 percentage points year-on-year [4] - The company has successfully developed a target chain of 350 stores, covering nearly 80,000 outlets, indicating strong growth potential in the outpatient market [4] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 1.366 billion yuan, a 12.19% increase year-on-year, and a net profit of 284 million yuan, a 43.77% increase [3] - The company expects revenue for 2024 to reach 3.116 billion yuan, with a year-on-year growth rate of 15.7%. The net profit is projected to be 508 million yuan, reflecting a growth rate of 37.9% [5] Product Development - The company’s product lineup is expanding, with the ketoprofen gel patch expected to maintain rapid growth after being included in the National Medical Insurance Directory for 2023. This product differentiates itself from the existing product, losartan sodium gel patch, in terms of indications and pricing [4] - Several other topical formulations are in the application stage, which will complete the product lineup in the transdermal drug delivery field, ensuring sustained performance growth [4] Profitability Forecast - The company’s revenue forecasts for 2024 to 2026 are 3.116 billion yuan, 3.886 billion yuan, and 4.771 billion yuan, with corresponding year-on-year growth rates of 15.7%, 24.7%, and 22.8% respectively. The net profit forecasts for the same period are 508 million yuan, 657 million yuan, and 805 million yuan, with growth rates of 37.9%, 29.3%, and 22.5% respectively [5]