科伦药业：24H1维持高增长，子公司发展态势蓬勃

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company maintains high growth with robust development trends in its subsidiaries [1] - The company reported a revenue of 11.827 billion yuan for the first half of 2024, a year-on-year increase of 9.52%, and a net profit attributable to shareholders of 1.800 billion yuan, up 28.24% year-on-year [1] - The company continues to optimize cost structures and increase R&D investments, with a gross margin of 53.83% for the first half of 2024, an increase of 0.55 percentage points year-on-year [1][4] Financial Performance - For the second quarter of 2024, the company achieved a revenue of 5.608 billion yuan, a year-on-year increase of 8.66%, and a net profit of 0.774 billion yuan, up 31.33% year-on-year [1] - The company’s operating cash flow for the first half of 2024 was 2.533 billion yuan, a decrease of 25.82% year-on-year [1] - The company’s antibiotic intermediates and raw materials achieved a revenue of 3.273 billion yuan in the first half of 2024, a year-on-year increase of 38.09% [1] Future Projections - Revenue projections for 2024, 2025, and 2026 are 23.00 billion yuan, 25.475 billion yuan, and 27.597 billion yuan, respectively, with year-on-year growth rates of 7.2%, 10.8%, and 8.3% [4][5] - Net profit attributable to shareholders is projected to be 3.042 billion yuan, 3.624 billion yuan, and 4.071 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.8%, 19.1%, and 12.3% [4][5] Cost Management - The company has shown a continuous reduction in overall expenses, with a period expense ratio of 30.76%, down 5.75 percentage points year-on-year [1] - The sales expense ratio decreased by 4.08 percentage points to 16.22%, while the management expense ratio increased slightly by 0.55 percentage points to 5.19% [1] Product Development - The company is actively participating in national and local procurement initiatives to enhance market share for key products [1] - The company’s new dual antibody SKB571 has shown promising results in preclinical models and is expected to enter the IND application phase soon [3]