苑东生物：收入稳健增长，麻醉药管线持续丰富

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company reported a robust revenue growth of 20.6% year-on-year for the first half of 2024, achieving a total revenue of 670 million yuan and a net profit of 150 million yuan, which is an 11.4% increase compared to the previous year [3]. - The anesthetics product line is expanding, with 15 products already launched and over 20 in development, indicating a strong potential for future growth [3]. - The company is investing heavily in R&D, with approximately 120 million yuan allocated in the first half of 2024, representing 18.3% of its revenue, and has over 10 new Class 1 drugs in the pipeline [4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 360 million yuan, a 27.7% increase year-on-year, and a net profit of 70 million yuan, reflecting a 1.3% growth [3]. - The sales revenue from formulations reached approximately 570 million yuan, growing by about 27.8% year-on-year, while the raw materials sales increased by 36.1% to around 60 million yuan [3]. - The gross margin for the first half of 2024 was 77.7%, down from 82.0% in the same period last year, primarily due to fluctuations in the high-margin technical services business [3]. R&D and Pipeline - The company is transitioning from generic to innovative drug development, with significant investments in R&D and multiple innovative drugs in various stages of clinical trials [4]. - Notable projects include a Class 1 new drug for diabetes and several anesthetic products that have received clinical trial approvals from regulatory bodies [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 280 million yuan, 340 million yuan, and 410 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 23.0%, 20.2%, and 23.2% [4]. - The current price-to-earnings (PE) ratios for the next three years are estimated at 23, 19, and 16 times, compared to an average PE of 28 times for comparable companies [4].