JINGXIN(002020) 东方证券·2024-08-17 14:09Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.76 CNY [3][4] Core Insights - The company has shown steady performance with robust growth in revenue and profit, achieving a revenue of 2.15 billion CNY in the first half of 2024, representing a year-on-year increase of 11.02%, and a net profit of 402 million CNY, up 27.28% year-on-year [1][2] - The growth in finished drug sales, particularly in the outpatient and overseas markets, has been significant, with outpatient sales increasing by over 80% and overseas sales by over 30% in the first half of 2024 [1][2] - The successful launch of the innovative drug Didasanil and ongoing clinical trials for other innovative drugs indicate a positive trajectory for the company's transformation [1][2] Financial Performance Summary - Revenue for 2024 is projected at 4.4 billion CNY, with a year-on-year growth of 10.0%, and net profit is expected to reach 710 million CNY, 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 earnings per share (EPS) is estimated to be 0.82 CNY for 2024, increasing to 1.13 CNY by 2026 [2][5]