Investment Rating - The investment rating for 康臣药业 (1681.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on financial performance and growth prospects [1]. Core Viewpoints - 康臣药业 reported a revenue of 2.967 billion yuan for 2024, representing a year-on-year increase of 14.56%, and a net profit of 910 million yuan, up 16.05% year-on-year [1][2]. - The company declared a final dividend of 0.3 HKD per share, with a projected dividend yield of approximately 11.04% for 2024 [1]. - The report highlights strong growth in the renal, pediatric, and orthopedic drug segments, with notable increases in revenue from key products [2]. Financial Performance Summary - 2024 Financials: - Total revenue: 2.967 billion yuan (YoY +14.56%) - Net profit attributable to shareholders: 910 million yuan (YoY +16.05%) - Operating cash flow: 1.087 billion yuan (YoY +32.73%) - ROE (diluted): 22.22% - Dividend payout ratio: 78.17% - Debt-to-asset ratio: 24.94% - Cash and cash equivalents: 2.908 billion yuan [1][3]. - Revenue Breakdown: - Renal drugs revenue: 1.99 billion yuan (YoY +14.5%) - Pediatric drugs revenue: 360 million yuan (YoY +23.3%) - Orthopedic drugs revenue: 253 million yuan (YoY +64.89%) [2]. - Future Projections: - Expected revenues for 2025-2027: 3.354 billion yuan, 3.750 billion yuan, and 4.203 billion yuan, with respective growth rates of 13%, 12%, and 12% [2][3]. - Expected net profits for the same period: 1.041 billion yuan, 1.167 billion yuan, and 1.305 billion yuan, with growth rates of 14%, 12%, and 12% [3]. Key Financial Ratios - Gross Margin: Approximately 75.56% for 2024, projected to remain stable over the next few years [3]. - P/E Ratios: Expected to be 6.90, 7.07, 6.31, and 5.64 for 2024-2027 respectively [3][5]. - P/B Ratios: Expected to be 1.59 for 2024, decreasing to 1.26 by 2027 [5].
康臣药业（01681）：2024年股息率约11%，肾科、妇儿及骨科药物增长亮眼