山西证券：研究早观点-20241202

Company Analysis - The report highlights Sinochem Fertilizer (00297.HK) as a high-dividend state-owned enterprise that is implementing a "Bio+" strategy to benefit from economic recovery [4][5] - For the first three quarters of 2024, the company reported revenue of approximately 18.21 billion yuan and a net profit of about 1.287 billion yuan, reflecting a year-on-year net profit increase of approximately 3% due to the ongoing "Bio+" strategic transformation [4][5] - The company has distributed a total cash dividend of 1.007 billion yuan from 2021 to 2023, with a cash dividend ratio of 50% in 2023. Projected dividends for 2024-2026 are estimated at 0.083, 0.096, and 0.098 yuan per share, resulting in dividend yields of 8.28%, 9.65%, and 9.86% respectively [5][10] - The gross profit margin has improved from 8.66% in 2021 to 12.15% in the first half of 2024, while the net profit margin increased from 3.88% to 7.77% during the same period [5] Industry Analysis - The pharmaceutical sector is experiencing steady growth driven by innovative drugs, with the recent addition of 89 new innovative drugs to the national medical insurance directory, averaging a price reduction of 63% [13][17] - In 2023, 35 new drugs were approved in China, with a focus on oncology and immunology, indicating a robust pipeline for innovative therapies [13][17] - The report notes that the commercialization of innovative biological products is progressing steadily, with significant advancements in vaccines and blood products [14][17] - The report anticipates a resurgence in global investment and financing for new drugs, which is expected to drive growth in the CXO sector, benefiting from China's global layout and cost advantages [17]