Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Insights - The company reported a revenue of 432 million yuan for H1 2024, representing a year-on-year increase of 19.35%, and a net profit attributable to shareholders of 80.19 million yuan, up 11.56% year-on-year [1] - The growth is driven by the diabetes and hypertension segments, with a notable increase in R&D expenses by 70% in H1 2024, indicating a strong focus on innovation and new product development [2] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 158 million yuan, 187 million yuan, and 202 million yuan respectively, with corresponding EPS of 2.02, 2.39, and 2.58 yuan per share [1][3] Financial Performance Summary - For H1 2024, the company achieved a revenue of 432 million yuan, with a year-on-year growth of 19% [1] - The net profit attributable to shareholders for H1 2024 was 80.19 million yuan, reflecting a year-on-year increase of 12% [1] - The company’s R&D expenses reached 64.85 million yuan in H1 2024, accounting for 15% of revenue, indicating a significant investment in future growth [2] - The company’s revenue from diabetes products was 294 million yuan, up 14.25% year-on-year, while hypertension products saw a revenue increase of 29.89% [2] - The company’s projected financial metrics for 2024E include a revenue of 823 million yuan and a net profit of 158 million yuan, with a gross margin of 81.7% and a net margin of 19.2% [3][5]
德源药业：北交所信息更新：糖尿病+高血压类带动增长，2024H1扣非净利润+16%