方盛制药：业绩超预期，新品如期放量

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index in the next 6 to 12 months [8]. Core Insights - The company reported a revenue of 910 million yuan for the first half of 2024, representing a year-on-year growth of 6.44%. The net profit attributable to shareholders was 137 million yuan, up 28.23% year-on-year [2]. - The second quarter performance exceeded expectations, with revenue reaching 472 million yuan, a year-on-year increase of 12.77%, and a net profit of 66.65 million yuan, up 55.26% year-on-year [4]. - The company is experiencing significant growth in its cardiovascular segment, with revenue of 238 million yuan, a year-on-year increase of 37.57% [4]. - The report anticipates revenue growth for 2024-2026 to be 1.899 billion, 2.216 billion, and 2.564 billion yuan, respectively, with net profit projections of 258 million, 314 million, and 390 million yuan [5]. Financial Performance Summary - Revenue Forecast: - 2022A: 1,792 million yuan - 2023A: 1,629 million yuan - 2024E: 1,899 million yuan - 2025E: 2,216 million yuan - 2026E: 2,564 million yuan - Year-on-year growth rates: 14.4%, -9.1%, 16.6%, 16.7%, 15.7% [1] - Net Profit Forecast: - 2022A: 286 million yuan - 2023A: 187 million yuan - 2024E: 258 million yuan - 2025E: 314 million yuan - 2026E: 390 million yuan - Year-on-year growth rates: 308.1%, -34.6%, 38.1%, 21.9%, 24.2% [1] - Earnings Per Share: - 2022A: 0.65 yuan - 2023A: 0.42 yuan - 2024E: 0.59 yuan - 2025E: 0.71 yuan - 2026E: 0.89 yuan [1] - Valuation Ratios: - P/E: 16.9, 25.9, 18.8, 15.4, 12.4 - P/B: 3.5, 3.3, 3.0, 2.6, 2.3 [1] Business Segment Performance - Cardiovascular: Revenue of 238 million yuan, up 37.57% year-on-year, with a standout product showing over 110% sales growth [4]. - Orthopedics: Revenue of 193 million yuan, up 3.62% year-on-year, with core products showing steady growth [4]. - Respiratory: Revenue of 146 million yuan, up 12.09% year-on-year, with significant growth in key products [4]. - Pediatrics: Revenue of 94.07 million yuan, down 3.50% year-on-year, but with notable growth in specific products [4].