方盛制药：中药创新药产品稳步放量，养血祛风止痛颗粒提交上市申请

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is steadily increasing its innovative traditional Chinese medicine products, with the recent submission of a listing application for the "Yingxue Qufeng Zhitong Granules" [1] - The new product has significant market potential, addressing a large patient population suffering from tension-type headaches, with approximately 1.04 billion people globally affected by migraines [1] - The company reported a revenue of 910 million yuan for the first half of 2024, a year-on-year increase of 6.44%, and a net profit attributable to shareholders of 137 million yuan, up 28.23% year-on-year [1] Financial Performance - In Q2 2024, the company achieved a revenue of 472 million yuan, a year-on-year increase of 12.77%, and a net profit of 67 million yuan, up 55.26% year-on-year [1] - The overall gross margin for the first half of 2024 was 72.66%, an increase of 3.47 percentage points year-on-year, driven by a decrease in raw material costs [1] - The company has cultivated four products with annual sales exceeding 100 million yuan, including "Tenghuang Jianguo Pian" and "Qiangli Pipa Gao" [2] Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 1.737 billion, 2.026 billion, and 2.364 billion yuan, with year-on-year growth rates of 7%, 17%, and 17% respectively [4] - The net profit attributable to shareholders is projected to be 225 million, 300 million, and 352 million yuan for 2024-2026, with year-on-year growth rates of 21%, 33%, and 17% respectively [4] - The company maintains a focus on optimizing its product structure, leading to a steady increase in gross margins [4] R&D and Innovation - The company continues to increase its R&D investment, with recent approvals for clinical trials of innovative traditional Chinese medicine products [3] - The focus on core business areas and clear future direction is enhancing the company's competitive advantages and profitability [3]