Dongcheng Biochem(002675) 平安证券·2024-09-02 10:00Investment Rating - The investment rating for the company is "Strongly Recommended" [1][9] Core Views - The company's short-term performance is impacted by the decline in raw material drug sales, particularly heparin, but there is a strong long-term outlook for its nuclear medicine segment [4][5] - The company reported a revenue of 1.421 billion yuan for the first half of 2024, a decrease of 20.41%, and a net profit of 112 million yuan, down 39.35% [3][4] - The nuclear medicine segment maintained stability with a revenue of 499 million yuan, while the raw material drug segment saw a significant decline in revenue [4][5] Financial Performance Summary - The company achieved a revenue of 1.421 billion yuan in H1 2024, down 20.41%, with a net profit of 112 million yuan, down 39.35% [3] - In Q2 2024, the company reported a revenue of 773 million yuan, a decrease of 17.23%, and a net profit of 47 million yuan, down 64.63% [3] - The raw material drug segment's revenue was 657 million yuan, down 31.03%, with heparin revenue specifically declining by 39.02% [4] Research and Development - The company increased its R&D investment to 165 million yuan in H1 2024, with a R&D expense ratio of 6.40% [4] - The company has multiple promising products in its pipeline, including the recently approved technetium-99m injection [4][5] Market Outlook - The nuclear medicine industry is expected to continue its upward trend, with the company positioned to benefit from its expanding pipeline and operational nuclear pharmacies [5][6] - The average export price of heparin has stabilized, suggesting limited downside risk and potential for price recovery [4][5]