立方制药：公司简评报告：潜力大品种持续放量，业绩有望迎来拐点

Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Views - The company is expected to experience a turning point in performance due to the continuous growth of high-potential products [4]. - The decline in revenue and profit in the first half of 2024 is attributed to the impact of centralized procurement on the sales of Felodipine sustained-release tablets and the divestment of certain assets related to pharmaceutical wholesale and distribution [4]. - The company is actively adjusting its product structure through acquisitions and independent research and development, aiming to enhance its long-term growth potential [4]. - The pharmaceutical industrial revenue is showing signs of recovery, with significant growth in products like Oxycodone sustained-release tablets and Metformin Glipizide tablets, indicating that the negative impact of centralized procurement has been largely absorbed [4]. - Revenue forecasts for 2024 to 2026 are projected at 1.50 billion, 1.79 billion, and 2.13 billion yuan, with corresponding growth rates of -21.0%, 19.4%, and 19.0% [4][5]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 769 million yuan, a decrease of 39.32%, and a net profit attributable to shareholders of 77.43 million yuan, down 40.95% [4]. - The company's pharmaceutical industrial revenue for the first half of 2024 was 701 million yuan, reflecting a year-on-year increase of 17.53% [4]. Product Development - The company has enriched its product line through acquisitions, including the purchase of Jiufang Pharmaceutical, which added unique traditional Chinese medicine products to its portfolio [4]. - The focus on high-barrier products such as controlled-release products and narcotic drugs is part of the company's strategy to drive long-term growth [4]. Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.00 yuan, 1.29 yuan, and 1.64 yuan, respectively [5]. - The price-to-earnings (P/E) ratios based on the closing price as of September 13 are estimated at 16.7, 13.0, and 10.2 for the years 2024, 2025, and 2026 [4][5].