XJZY(002332) 海通证券·2024-10-14 06:41Investment Rating - The investment rating for Xianju Pharmaceutical (002332) is "Outperform the Market" [1]. Core Insights - The company achieved a revenue of 2.183 billion yuan in the first half of 2024, with a year-on-year growth of 0.93%, and a net profit of 340 million yuan, reflecting a year-on-year increase of 12.56% [5]. - The sales of formulations showed steady growth, with a revenue of 1.215 billion yuan in the first half of 2024, up by 10.6% year-on-year. The company is preparing to submit a New Drug Application (NDA) for its new product, Omecamtiv Mecarbil Sodium [5]. - The raw material drug sales revenue was 910 million yuan, down by 9% year-on-year, but the company managed to overcome price declines through increased sales volume [5]. - The company is expected to see revenue growth of -3% in 2024, followed by 5% and 6% in 2025 and 2026, respectively, driven by stabilizing raw material drug demand and new product launches in formulations [5]. Financial Performance - The projected revenues for 2024, 2025, and 2026 are 4.453 billion yuan, 5.124 billion yuan, and 5.834 billion yuan, respectively, with net profits expected to be 700 million yuan, 846 million yuan, and 972 million yuan [6][10]. - The earnings per share (EPS) are forecasted to be 0.71 yuan, 0.86 yuan, and 0.98 yuan for the years 2024, 2025, and 2026 [6][10]. - The gross margin is expected to stabilize at around 55% from 2024 to 2026, with a net asset return rate projected to increase from 11.5% in 2024 to 14.0% in 2026 [10][11]. Business Segmentation - The company’s revenue from raw materials is projected to be 1.733 billion yuan in 2024, with a slight decline of 3%, while the chemical formulations are expected to generate 2.658 billion yuan, reflecting a growth of 17% [8]. - The company is focusing on three major innovation technology platforms for formulations: pulmonary inhalation platform, long-acting formulation technology platform, and suspension formulation technology platform [5].