XJZY(002332) Tebon Securities·2024-09-01 12:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Xianju Pharmaceutical is expected to experience a new round of growth driven by multiple catalysts, including the gradual clearance of the impact from centralized procurement and the launch of new products [2] - The company reported a revenue of 2.138 billion yuan in the first half of 2024, representing a year-on-year increase of 0.93%, and a net profit attributable to the parent company of 340 million yuan, up 12.56% [2] - The report anticipates that the company's net profit for 2024-2026 will be 692 million, 853 million, and 1.061 billion yuan, corresponding to PE valuations of 16.4, 13.3, and 10.7 times, respectively [2] Financial Performance Summary - In H1 2024, the sales revenue from formulations was 1.215 billion yuan, a year-on-year increase of 10.6% [2] - The sales revenue from APIs and intermediates was 910 million yuan, a year-on-year decrease of 9% [2] - The company’s total revenue for 2023 is projected to be 4.123 billion yuan, with a net profit of 563 million yuan [3] - The gross margin is expected to improve from 52.9% in 2023 to 56.9% by 2026 [4] - The company’s net profit margin is projected to increase from 13.6% in 2023 to 18.1% in 2026 [4] Market Position and Strategy - The company is leveraging its integrated advantages in APIs and formulations, along with regulatory market registration advantages, to drive growth [2] - New products such as the innovative drug Omaketong Sodium have been submitted for NDA, indicating ongoing product development and market expansion efforts [2] - The report notes that the company is actively expanding its customer base in the API sector despite increased competition [2]