九典制药：销售费用端优化明显，业绩保持稳定增长

Investment Rating - The report assigns a rating of "Accumulate" for the company [1]. Core Insights - The company achieved a revenue of 1.366 billion yuan in the first half of 2024, representing a year-on-year increase of 12.19%, and a net profit attributable to shareholders of 284 million yuan, up 43.77% [1]. - The company has optimized its sales expenses significantly, with a sales expense ratio of 39.98%, down 8.74% compared to the previous year [1]. - The product pipeline and marketing network are rapidly developing, with 125 approved formulations and 85 registered raw materials, enhancing the company's competitive edge [1]. Financial Performance Summary - In Q2 2024, the company reported a revenue of 775 million yuan, a 5.00% increase, and a net profit of 158 million yuan, up 31.24% [1]. - The company’s revenue from formulations was 1.09 billion yuan (+7.5%), raw materials revenue was 110 million yuan (+86.7%), and excipients revenue was 90 million yuan (-1.7%) [1]. - The company’s earnings per share (EPS) for 2024-2026 are projected to be 1.05, 1.37, and 1.73 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21, 16, and 13 times [1][4]. Revenue and Profit Forecast - The company is expected to achieve revenues of 3.187 billion yuan in 2024, 3.744 billion yuan in 2025, and 4.390 billion yuan in 2026, with year-on-year growth rates of 18.4%, 17.5%, and 17.3% respectively [3][4]. - The net profit forecast for the same period is 429 million yuan, 510 million yuan, and 544 million yuan, with growth rates of 38.2%, 30.7%, and 26.8% respectively [3][4].