Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 11.3, indicating a potential upside of 50.4% from the current price [2][3]. Core Insights - The company experienced a 6.1% quarter-on-quarter revenue growth in the first half of 2024, although year-on-year revenue decreased by 21.7% to RMB 3.61 billion [2]. - The sales of three national procurement products saw a significant decline of 49.2% year-on-year, while revenue from exclusive and innovative products reached RMB 2.41 billion, accounting for 56% of total revenue [2]. - The company is expected to see a gradual improvement in performance starting from the second half of 2024, driven by the commercialization of innovative products [2]. Financial Summary - Revenue for 2022 was RMB 9.15 billion, with a projected decline to RMB 8.01 billion in 2023 and further to RMB 7.60 billion in 2024, before recovering to RMB 8.75 billion in 2025 and RMB 9.83 billion in 2026 [4]. - The net profit attributable to shareholders is forecasted to decrease from RMB 3.26 billion in 2022 to RMB 2.40 billion in 2023, and further to RMB 1.75 billion in 2024, before increasing again in subsequent years [4]. - The company plans to launch 10-12 new drugs between 2025 and 2027, with a focus on innovative products that are expected to contribute significantly to revenue [2].
康哲药业：24年上半年环比重回增长