丽珠集团：老牌制药企业，开启多元化发展

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company, a long-established pharmaceutical enterprise, is diversifying its development with steady growth in performance and continuous optimization of its revenue structure [2] - New products are contributing to incremental performance, with several key products approved for market launch, including the 1-month sustained-release microsphere of Triptorelin Acetate [2] - The company is expanding its presence in the biologics market, with products like Tocilizumab biosimilar already approved and others in advanced clinical stages [2] Financial Performance - The company's revenue has grown from RMB 3.16 billion in 2011 to RMB 12.43 billion in 2023, with a net profit increase from RMB 360 million to RMB 1.95 billion over the same period [13] - Gross margin improved from 55.8% in 2011 to 66% in the first half of 2024, while net profit margin increased from 12.3% to 21.6% [14] - The company's R&D investment has grown from RMB 230 million in 2013 to RMB 1.24 billion in 2023, accounting for 9.9% of revenue [17] Product Portfolio - The company's product portfolio covers digestive, reproductive, psychiatric, and oncology immunology fields, with core products including Esomeprazole Sodium for Injection and Leuprorelin Acetate Microspheres for Injection [19] - The company has a strong pipeline in microsphere technology, with several products in clinical trials or awaiting approval, including Aripiprazole Microspheres and Goserelin Acetate Sustained-Release Implants [24][25] Market Potential - The microsphere market in China is growing, with total sales exceeding RMB 7.2 billion in 2022, and the company's products like Leuprorelin Microspheres are leading the market [23] - The company's Triptorelin Microspheres, approved in 2023, are expected to contribute significantly to performance, with a potential market size of over RMB 5 billion [41] - The company's biologics pipeline, including LZM003 and LZM008, is progressing well, with several products in advanced clinical stages and international market expansion underway [52][53]