信立泰：业绩符合预期，慢病品种商业化梯队渐成

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in H1 2024 met expectations, with a revenue of 2.043 billion yuan, a year-on-year increase of 21.28%, and a net profit of 344 million yuan, up 1.92% year-on-year. The second quarter saw a revenue of 952 million yuan, growing 19.44% year-on-year, and a net profit of 144 million yuan, increasing 13.54% year-on-year [1] - The report highlights the gradual formation of a commercialization ladder for chronic disease products, with significant growth in both innovative and generic drug segments [1] Financial Performance - In H1 2024, R&D investment reached 460 million yuan, accounting for 22.51% of revenue, while sales expenses increased by 44.24% year-on-year to 741 million yuan, representing a sales expense ratio of 36.27% [1] - The company reported a net cash flow from operating activities of 533 million yuan, a year-on-year increase of 50.81% [1] Segment Analysis 1. Innovative Drugs: The market share of the innovative drug "Xinlitai" increased by over 20% year-on-year. New approvals include a compound formulation for hypertension and a DPP-4 inhibitor for type 2 diabetes [1] 2. Generic Drugs: The impact of the "Taijia" renewal gradually diminished, with a quarter-on-quarter sales increase in H1 2024. The penetration rate of Cefuroxime Sodium improved post-collection, and revenue from Teriparatide exceeded a 50% year-on-year growth [1] 3. Other Businesses: Revenue from APIs grew over 15%, and medical device income increased by 49.62% year-on-year, beginning to turn profitable [1] R&D Progress - The company has submitted applications for several new drugs, including S086 for hypertension and various treatments for chronic kidney disease. The overseas pipeline is progressing well, with ongoing clinical trials for multiple candidates [1] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been raised, with expected net profits of 631 million yuan, 734 million yuan, and 907 million yuan, representing year-on-year growth rates of 8.8%, 16.2%, and 23.6% respectively. The corresponding P/E ratios are projected to be 54x, 47x, and 38x [1]