LIVZON GROUP(SZ:000513) Soochow Securities·2024-04-26 12:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in the fields of gonadotropins and diagnostic reagents, with overall stable profitability [3] - The company achieved a revenue of 3.243 billion yuan in Q1 2024, a decrease of 4.99% year-on-year, while the net profit attributable to shareholders was 608 million yuan, an increase of 4.45% [3] - The report highlights the growth in the gonadotropin sector, driven by increased market demand and the rapid rollout of new products [4] Financial Performance Summary - For 2024, the company is expected to generate total revenue of 13.143 billion yuan, with a net profit of 2.192 billion yuan, reflecting a year-on-year growth of 12.20% [2][4] - The earnings per share (EPS) for 2024 is projected to be 2.36 yuan, with a price-to-earnings (P/E) ratio of 16.71 based on the current stock price [2][4] - The company’s revenue from the chemical preparation sector was 1.586 billion yuan, with the gonadotropin segment showing a significant increase of 39.9% [3][4] Segment Performance Summary - The gonadotropin sector generated 807 million yuan, marking a 39.9% increase due to favorable market conditions and new product launches [3] - The diagnostic reagents and equipment segment saw a revenue increase of 60.3%, capitalizing on the flu season [3] - The raw materials and intermediates segment reported a revenue of 955 million yuan, down by 3.9% [3] Future Growth Potential - The company is expected to achieve peak sales of 6.5 billion yuan from new products in the gonadotropin and biopharmaceutical sectors [4] - The report anticipates significant contributions from new product launches, including Triptorelin microspheres and other long-acting formulations [4] - The company maintains a strong pipeline with several products in various stages of clinical development, indicating robust future growth prospects [4]