KHPG(SZ:002773) Tebon Securities·2024-09-01 06:11Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 2.294 billion yuan for the first half of 2024, representing a year-on-year increase of 19.46%. The net profit attributable to the parent company was 0.692 billion yuan, up 31.77% year-on-year [4] - The company received market access approval for its product, Kangbai Xipu, in Myanmar, and is conducting clinical trials for a high-dose version aimed at treating diabetic macular edema [4] - The company has two gene therapy products approved for clinical trials in both China and the U.S., focusing on treating age-related macular degeneration [4] - The company has a rich pipeline of ophthalmic products and a long-term strategic layout, with projected net profits for 2024-2026 of 1.247 billion, 1.446 billion, and 1.606 billion yuan, respectively, corresponding to PE valuations of 13.7, 11.9, and 10.7 times [4] Financial Summary - In 2024E, the company is expected to achieve total revenue of 4.648 billion yuan, with a net profit of 1.247 billion yuan, reflecting a year-on-year growth rate of 17.4% for revenue and 19.4% for net profit [5] - The gross margin is projected to be 89.2% in 2024E, with a net profit margin of 26.8% [5] - The company’s total market capitalization is approximately 17.135 billion yuan, with a total asset value of 8.876 billion yuan [5] - The company’s earnings per share (EPS) is expected to increase from 1.14 yuan in 2023 to 1.36 yuan in 2024E [5]