Investment Rating - The report maintains an "Accumulate" rating for the company [5][12]. Core Views - The company reported a revenue of 8.982 billion RMB for Q1 2024, representing a year-on-year growth of 11.5%. The adjusted net profit was 1.724 billion RMB, also up by 11.6%. The overall gross margin improved to 72.3%, an increase of 3.8 percentage points, primarily driven by the higher contribution from the pharmaceutical business [5]. - The revenue from the pharmaceutical segment exceeded expectations, reaching 7.561 billion RMB, a growth of 17.7%. Notably, the revenue from neurological products was 2.707 billion RMB, up by 27.4%, attributed to the approval of a new indication for a key product [5][6]. - The company is optimistic about the future growth of innovative drugs, maintaining revenue forecasts of 35.029 billion RMB, 39.613 billion RMB, and 44.835 billion RMB for 2024, 2025, and 2026 respectively, reflecting growth rates of 10%, 13%, and 13% [5][6]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a revenue of 8.982 billion RMB, with a year-on-year increase of 11.5%. The adjusted net profit was 1.724 billion RMB, also showing an increase of 11.6%. The gross margin stood at 72.3%, up by 3.8 percentage points [5]. - The pharmaceutical segment's revenue was 7.561 billion RMB, marking a 17.7% increase. The revenue from neurological products was 2.707 billion RMB, up by 27.4% [5][6]. Product Pipeline and Innovation - The company has several innovative products expected to contribute to revenue growth in 2024, including Omabizumab for urticaria and Amphotericin B liposome for deep fungal infections. Multiple core products are anticipated to support future growth [6]. - The report highlights the successful progress of the research pipeline, with several key products expected to receive approval in 2024 and 2025 [6].
石药集团2024Q1季报点评：成药业绩超预期，创新步入收获期