九典制药：2024半年报点评：利润端维持快速增长，销售费用率显著下降

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - In the first half of 2024, the company achieved operating revenue of 1.366 billion yuan, representing a year-on-year increase of 12.19%, and a net profit attributable to shareholders of 284 million yuan, up 43.77% year-on-year [2]. - The company's core product, the Loxoprofen Sodium Gel Patch, has seen increased volume due to its entry into more provinces for centralized procurement, contributing significantly to profit growth despite a slowdown in revenue growth for drug formulations [2]. - The sales expense ratio has significantly decreased, leading to a notable increase in the net profit margin. The sales expense ratio for H1 2024 was 39.98%, down 8.74 percentage points year-on-year, while the net profit margin increased by 4.57 percentage points [2]. Financial Forecast and Valuation - The company is projected to achieve net profits of 5.12 billion yuan, 6.93 billion yuan, and 8.65 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to a price-to-earnings (P/E) ratio of 21, 16, and 13 times based on the current market value [3]. - The report highlights a rich pipeline of products under development, with several expected to be approved and launched starting in 2024, ensuring long-term growth for the company [3].