JINGXIN(002020) 西南证券·2024-08-18 04:30Investment Rating - The report maintains a "Buy" rating for Jingxin Pharmaceutical (002020) [1] Core Views - Jingxin Pharmaceutical achieved revenue of 2.15 billion yuan in the first half of 2024, a year-on-year increase of 11.02% [1] - Net profit attributable to the parent company was 400 million yuan, up 27.28% year-on-year [1] - Non-GAAP net profit was 330 million yuan, growing 15.19% year-on-year [1] - Finished drug revenue reached 1.301 billion yuan, a 17.13% increase year-on-year [1] - The company's first Class 1 new drug, Didaxini, officially launched in March 2024 and is expected to participate in national medical insurance negotiations by year-end [1] Business Performance - Finished drug business showed strong growth momentum, driven by marketing model reforms and improved sales capabilities [1] - Raw material drug revenue grew 5.66% to 501 million yuan [1] - Medical device revenue increased slightly by 0.46% to 312 million yuan [1] - Gross margin improved by approximately 1 percentage point, while four expense ratios decreased by about 1 percentage point [1] R&D and Innovation - The company is advancing multiple innovative drug pipelines in areas including schizophrenia, Parkinson's disease, depression, and lipid-lowering [1] - JX11502MA capsule and Kangfuxin enteric-coated capsule II are in clinical trials [1] - JX2105 capsule has obtained clinical approval and is progressing through Phase I trials [1] - More than 10 other research projects are progressing as planned [1] Financial Projections - Forecasted net profit for 2024-2026 is 750 million, 870 million, and 1.03 billion yuan respectively [2] - Projected PE ratios for 2024-2026 are 12x, 11x, and 9x respectively [2] - Revenue growth rates for 2024-2026 are expected to be 10.49%, 10.99%, and 11.48% respectively [3] - Net profit growth rates for 2024-2026 are projected at 21.99%, 14.87%, and 18.23% respectively [3] Valuation Metrics - Current price: 10.78 yuan [1] - Total market capitalization: 9.282 billion yuan [4] - 52-week price range: 8.6-14.73 yuan [4] - Total assets: 8.463 billion yuan [4] - Net assets per share: 6.57 yuan [4] Historical Performance - Relative index performance shows Jingxin Pharmaceutical outperforming the CSI 300 index by 27% over the past year [4] - The company's stock price has shown a strong upward trend, particularly in the first half of 2024 [4]