Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight decline in revenue of 2.92% year-on-year for H1 2024, totaling 321 million yuan, while the net profit attributable to the parent company increased by 13.16% year-on-year to 60.43 million yuan [1][3] - The company expects net profits for 2024, 2025, and 2026 to be 119 million yuan, 141 million yuan, and 167 million yuan respectively, with corresponding EPS of 0.97 yuan, 1.15 yuan, and 1.36 yuan per share [1][3] - The current price-to-earnings (PE) ratios are projected to be 10.8, 9.2, and 7.7 times for the years 2024, 2025, and 2026 respectively [1] Revenue and Profitability - The company's revenue from digestive and metabolic drugs reached 136 million yuan in H1 2024, reflecting a year-on-year increase of 9.63% [3] - The CMC and CMO business segments saw a significant revenue increase of 101.34% year-on-year [3] - The net profit margin for H1 2024 was 18.42%, an increase of 2.24 percentage points compared to H1 2023 [3] Market Position and Product Development - The company holds the leading market share in the domestic market for compound digestive enzyme capsules [3] - The company submitted registration applications for 8 products and one consistency evaluation application in H1 2024, with the hydrochloride naloxone injection passing the consistency evaluation [3] Financial Projections - The projected operating income for the company is expected to grow from 880 million yuan in 2024 to 1.219 billion yuan in 2026, with a year-on-year growth rate of 21.9% in 2024 [4] - The projected net profit for the same period is expected to grow from 119 million yuan in 2024 to 167 million yuan in 2026, with a year-on-year growth rate of 28.7% in 2024 [4] - The gross margin is projected to remain stable around 74.6% in 2024, slightly decreasing to 73.8% by 2026 [4]
星昊医药：北交所信息更新：业务量增加，2024H1归母净利润+13%