羚锐制药：24H1利润端延续高增，经营质量持续提升

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company continues to benefit from the aging population trend, with its "Two Tigers" series achieving annual sales exceeding 1 billion patches and holding a significant market share among similar products [2] - The product matrix has been enriched, with new products like indomethacin patches being launched and important products being resumed based on market demand [2] - The company's marketing strategy has been optimized, focusing on digital marketing and service-oriented sales to achieve steady growth [2] - The company has shown strong profit growth, with a net profit of 413 million yuan in 2024H1, representing a year-on-year increase of 30.30% [2] Financial Summary - In 2024H1, the company achieved revenue of 1.906 billion yuan, a year-on-year increase of 12.07%, and a net profit of 413 million yuan, a year-on-year increase of 30.30% [1][2] - The gross profit margin for 2024H1 was 76.04%, reflecting an increase of 0.72 percentage points year-on-year [2] - The company expects to achieve revenues of 3.779 billion yuan, 4.272 billion yuan, and 4.788 billion yuan for 2024E, 2025E, and 2026E respectively, with corresponding net profits of 714 million yuan, 863 million yuan, and 1.020 billion yuan [1][5] - The report projects a continuous improvement in profitability, with an expected return on equity (ROE) of 23.3% in 2024E [1][8]