JINGXIN(002020) 东方证券·2024-08-17 13:03Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.76 yuan, based on a 18x PE ratio for 2024 [3][4]. Core Insights - The company has shown steady performance with double-digit growth in both revenue and net profit. In the first half of 2024, the company achieved revenue of 2.15 billion yuan (up 11.02% year-on-year) and a net profit of 402 million yuan (up 27.28% year-on-year) [1][2]. - The growth in finished drug sales, particularly in the outpatient and overseas markets, reflects the success of the company's commercialization reforms. Finished drug revenue reached 1.30 billion yuan (up 17.13% year-on-year), with outpatient market revenue growing over 80% and overseas revenue increasing over 30% [1][2]. - The successful launch of the innovative drug Didasanil and ongoing clinical trials for other innovative drugs indicate a well-structured transition towards innovation [1][2]. Financial Performance Summary - Revenue for 2024 is projected at 4.4 billion yuan, with a year-on-year growth of 10.0%. The net profit is expected to reach 710 million yuan, reflecting a growth of 14.7% [2][5]. - The gross margin is forecasted to be 52.1% in 2024, with a net margin of 16.1% [2][5]. - The company's return on equity (ROE) is projected to be 12.4% in 2024, improving to 14.3% by 2026 [2][5].