ANKE BIO(SZ:300009) GOLDEN SUN SECURITIES·2024-09-03 02:10Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company demonstrated strong resilience in performance despite macroeconomic pressures, achieving revenue and profit growth in the first half of 2024 [2]. - The Chinese medicine segment showed significant growth, driving overall performance, with a 20.17% increase in revenue from traditional Chinese medicine [2]. - The company is focused on its strategic goals and core business, enhancing its competitive advantages and steadily advancing its operations [2]. Financial Performance - In H1 2024, the company achieved total revenue of 1.299 billion yuan (up 0.9% year-on-year) and a net profit attributable to shareholders of 416 million yuan (up 4.99%) [1]. - The revenue breakdown for H1 2024 includes: - Bioproducts: 902 million yuan (down 2.60%) - Traditional Chinese medicine: 199 million yuan (up 20.17%) - Chemical synthesis drugs: 81 million yuan (down 15.50%) - Raw materials: 61 million yuan (up 15.56%) - Technical services: 19 million yuan (up 71.41%) [2]. - The company's gross margin improved to 78.25%, an increase of 0.5 percentage points year-on-year [2]. R&D Progress - The company is actively advancing its R&D efforts, with several key projects: 1. The self-developed AK2017 is progressing smoothly in Phase II clinical trials. 2. A recombinant anti-VEGF humanized monoclonal antibody has completed Phase III clinical trials and is nearing market launch. 3. Collaboration with Shanghai Shijian Biotechnology for ADC platform technology licensing to enhance its innovative drug development [2]. - The company has received clinical trial approvals for multiple products, including an mRNA vaccine for respiratory syncytial virus and a treatment for HPV tumors [2]. Profit Forecast - The company is projected to achieve net profits of 906 million yuan, 1.072 billion yuan, and 1.254 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 6.9%, 18.4%, and 17.0% [3].