福元医药：Q2业绩超预期，盈利能力持续优化

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [12]. Core Insights - The company reported Q2 results that exceeded expectations, with a revenue of 855 million yuan, a year-on-year increase of 5.20%, and a net profit of 158 million yuan, up 15.69% year-on-year [3][4]. - The improvement in profitability is attributed to the resolution of risks related to the eighth batch of centralized procurement, a decrease in sales expenses, and a continuous enhancement in profit margins [3]. - The gross margin for Q2 was 67.31%, with a net margin of 18.64%, reflecting a year-on-year increase of 1.73 percentage points [3]. - The company has increased its R&D investment, with a R&D expense ratio of 11.44%, up 3.03 percentage points year-on-year, and has received multiple drug registration approvals [3]. Financial Summary - For the first half of 2024, the company achieved a revenue of 1.656 billion yuan, a year-on-year growth of 1.58%, and a net profit of 291 million yuan, up 16.10% year-on-year [3][4]. - The projected revenues for 2024, 2025, and 2026 are 3.588 billion yuan, 3.976 billion yuan, and 4.509 billion yuan, respectively, with year-on-year growth rates of 7.45%, 10.80%, and 13.41% [4][5]. - The forecasted net profits for the same years are 531 million yuan, 621 million yuan, and 714 million yuan, with growth rates of 8.59%, 16.99%, and 15.06% [4][5].