Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has achieved a revenue of 199 million yuan in H1 2024, representing a year-on-year increase of 1.64%, while the net profit attributable to shareholders decreased by 8.23% to 39.48 million yuan [2] - The company is focusing on increasing R&D investments and actively seeking new drug development opportunities, maintaining profit forecasts for 2024-2026 with expected net profits of 112 million, 124 million, and 136 million yuan respectively [2][5] - The main product, cytidine sodium tablets, generated revenue of 161 million yuan in H1 2024, a slight decline of 1.51%, while new products such as celecoxib capsules and pregabalin oral solution are rapidly gaining market share [3] - The company has initiated multiple new drug development projects, including the original anti-cancer traditional Chinese medicine Ma Jia Zi, which has started clinical trials [4] Financial Summary - For 2024E, the company is projected to achieve a revenue of 457 million yuan, with a year-on-year growth of 11.9%, and a net profit of 112 million yuan, reflecting a growth of 9.7% [5][8] - The gross margin is expected to be around 80.4% in 2024, with a net margin of 24.6% [5] - The company’s earnings per share (EPS) for 2024 is estimated at 0.77 yuan, with a price-to-earnings (P/E) ratio of 8.7 times [5][8]
梓橦宫：北交所信息更新：新品塞来昔布上量，原研抗癌中药马甲子启动临床试验