Ausun Pharm(SH:603229) ZHONGTAI SECURITIES·2024-09-04 01:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 7.22 CNY [1]. Core Insights - The company has demonstrated stable performance through cost reduction and efficiency improvements, with expectations for new growth from its formulation segment [2]. - In the first half of 2024, the company achieved revenue of 492 million CNY, a year-on-year increase of 5.05%, and a net profit of 180 million CNY, up 12.26% year-on-year [2]. - The company is actively advancing its high-end formulation internationalization projects and expanding both domestic and international markets [2]. Financial Performance Summary - Revenue Forecasts: - 2024E: 890.49 million CNY - 2025E: 1,034.00 million CNY - 2026E: 1,247.62 million CNY - Year-on-year growth rates: 9.03% (2024), 16.12% (2025), 20.66% (2026) [1][2]. - Net Profit Forecasts: - 2024E: 290.15 million CNY - 2025E: 352.05 million CNY - 2026E: 434.90 million CNY - Year-on-year growth rates: 14.28% (2024), 21.33% (2025), 23.53% (2026) [1][2]. - Key Financial Ratios: - P/E ratios for 2024-2026 are projected at 19, 16, and 13 times respectively [1]. - Gross margin for 2024H1 was 59.80%, with a net margin of 36.52% [2]. Business Segments Overview - Specialty APIs and Intermediates: - The company has established a strong market presence with products like Entecavir and others, expected to provide stable support in the future [2]. - CRO/CDMO/CMO Services: - The number of ongoing projects in the first half of 2024 remained stable compared to the previous year, with a total of 24 projects [2]. - Formulations: - The company is developing unique formulations leveraging its API advantages, with the first formulation product nearing approval [2]. - Innovative Drugs: - The company is investing in new drug development, including a new drug for ischemic stroke currently awaiting phase III clinical trials [2].