Workflow
业务结构转型升级兑现,迈向创新国际化新征程

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [1]. Core Insights - The company is undergoing a transformation towards innovative internationalization, focusing on expanding its product structure and global market presence [3][12]. - The company has achieved significant milestones in product approvals and market expansions, particularly in Southeast Asia and emerging markets [4][66]. - The financial projections indicate a recovery in revenue and profitability, with expected growth in operating income and net profit over the next few years [2][32]. Financial Summary - Operating Revenue (Million CNY): - 2022A: 3,837 - 2023E: 4,120 (7.40% growth) - 2024E: 5,120 (24.25% growth) - 2025E: 6,113 (19.40% growth) [2] - Net Profit (Million CNY): - 2022A: 191 - 2023E: -503 - 2024E: 549 - 2025E: 774 [2] - Diluted Earnings Per Share (CNY): - 2022A: 0.16 - 2023E: -0.41 - 2024E: 0.45 - 2025E: 0.63 [2] - Price-to-Earnings Ratio (PE): - 2022A: 76.56 - 2024E: 25.24 - 2025E: 17.91 [2] Business Transformation - The company is transitioning from a traditional pharmaceutical enterprise to a commercialized innovative pharmaceutical company, with a focus on four major business areas: macromolecules, small molecules, synthetic biology, and specialty traditional Chinese medicine [16][25]. - The company has established a global production and research network, with significant investments in R&D and product development [81][83]. Product Structure and Market Expansion - The company has diversified its product offerings, with a notable increase in proprietary pharmaceutical products, which accounted for 70.96% of revenue in H1 2023, up from 34.30% in 2018 [88]. - The company has successfully launched several products in international markets, including the innovative drug Yili Shu, which has received approval in the US and China [66][79]. Profitability and Margin Improvement - The company's gross margin has improved significantly, with proprietary products contributing over 60% to the gross profit margin [61][59]. - The gross margin for the company was 48.63% in 2022, reflecting a 7.16 percentage point increase from the previous year [61].