福瑞股份：药品表现亮眼，按次收费需求持续扩容

Investment Rating - The report does not specify a clear investment rating for the company, but it indicates a positive outlook based on revenue growth and product performance [1]. Core Insights - The company reported a revenue of 640 million yuan for H1 2024, representing a 22.5% increase year-on-year, and a net profit of 80 million yuan, which is a 72.0% increase [1]. - The pharmaceutical segment showed significant growth, with a 52.3% increase in drug revenue, while the medical services segment experienced a slight decline of 1.7% [1]. - The shift towards an academic-driven sales model in the pharmaceutical business is yielding positive results, with increased coverage through pharmacies, e-commerce platforms, and internet healthcare [1]. - The demand for liver fibrosis testing is expected to expand due to the introduction of the FibroGo pay-per-use model and the approval of new drugs [1]. - The company has launched a stock incentive plan, granting approximately 3.5 million shares, which reflects confidence in future growth [1]. Financial Performance Summary - For H1 2024, the company achieved instrument revenue of 420 million yuan (+12.8%), drug revenue of 200 million yuan (+52.3%), and medical service revenue of 20 million yuan (-1.7%) [1]. - The forecast for revenue from 2024 to 2026 is projected to be 1.15 billion yuan, 1.53 billion yuan, and 2.05 billion yuan respectively, with net profits expected to reach 215 million yuan, 315 million yuan, and 424 million yuan [2]. - The company's PE ratio is projected to decrease from 53 in 2024 to 27 in 2026, indicating an improving valuation over time [2]. Market Position and Growth Potential - The company is positioned to benefit from the growing global demand for liver fibrosis testing, driven by innovative pricing models and new drug approvals [1]. - The stock incentive plan is aimed at aligning employee interests with company performance, potentially enhancing long-term growth [1]. - The company’s total market capitalization is approximately 11.23 billion yuan, with a total asset value of 2.748 billion yuan [3].