XJZY(002332) 广发证券·2024-09-18 10:38Investment Rating - The investment rating for the company is "Buy" with a current price of 11.71 CNY and a fair value of 13.73 CNY [1]. Core Insights - The company's formulation sales have stabilized after the impact of centralized procurement, with new products gradually gaining traction. In the first half of 2024, the company achieved operating revenue of 2.138 billion CNY, a year-on-year increase of 0.93%, and a net profit attributable to shareholders of 340 million CNY, up 12.56% year-on-year [2]. - The sales revenue from formulation products reached 1.215 billion CNY, reflecting a growth of 10.6% year-on-year, while the sales revenue from APIs and intermediates was 910 million CNY, down 9% year-on-year [2]. - The company is actively enhancing its core competitiveness, with a mature sales system. The growth in formulation products is primarily driven by overcoming the impact of centralized procurement, with new products showing significant growth [2]. Financial Performance Summary - For the first half of 2024, the company reported a net profit of 340 million CNY, with a year-on-year growth of 12.56%. The adjusted net profit was 331 million CNY, up 11.78% year-on-year [2]. - The company forecasts net profits of 679 million CNY, 808 million CNY, and 969 million CNY for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 17, 14, and 12 times [2]. - The company’s operating revenue is projected to grow from 4.419 billion CNY in 2024 to 5.626 billion CNY in 2026, with growth rates of 7.2% and 14.6% respectively [3][5].