艾力斯：研发顺利突进

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company reported a significant increase in revenue and net profit for H1 2024, with revenue reaching 1.58 billion yuan, up 110.6% year-on-year, and net profit of 660 million yuan, up 214.8% year-on-year [3] - The clinical potential of the drug Vomeletin continues to be explored, with recent approvals for various clinical trials, indicating strong future growth prospects [3] - The company is focused on innovative drug development in the oncology sector, particularly in non-small cell lung cancer (NSCLC), with a robust pipeline of targeted therapies [3] Financial Performance - For 2024, the company is projected to achieve revenues of 3.18 billion yuan, 3.59 billion yuan in 2025, and 4.01 billion yuan in 2026, with corresponding net profits of 1.03 billion yuan, 1.31 billion yuan, and 1.49 billion yuan respectively [3][5] - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 21, 16, and 14 times respectively, indicating a favorable valuation trend [3][5] - The company has shown a consistent increase in research and development investment, with R&D expenses projected to reach 540.6 million yuan in 2024 [5] Market Position - The company has established a competitive advantage in the NSCLC targeted drug market, with a strong focus on innovative therapies and a growing pipeline [3] - The approval of IND applications for new drugs highlights the company's commitment to expanding its product offerings and addressing unmet medical needs in oncology [3][5]