YILING PHARMACEUTICAL(002603) 开源证券·2024-08-29 09:43Investment Rating - Buy (maintained) [2] Core Views - The company's 2024H1 operating performance was under short-term pressure, with revenue of 4.604 billion yuan (down 32.19% YoY) and net profit attributable to shareholders of 530 million yuan (down 66.97% YoY) [3] - The decline in revenue and profit was mainly due to the high base of respiratory products in the same period of 2023 and the decline in market demand caused by high social inventory [3] - The company's new drug research and development is progressing steadily, with 8 products in the pipeline, including 2 in the new drug application stage and 2 in phase III clinical trials [5] - The company's gross profit margin in 2024H1 was 53.37% (down 8.37 percentage points YoY), and the net profit margin was 11.44% (down 12.17 percentage points YoY) [3] - The company's sales expense ratio in 2024H1 was 23.41% (up 0.96 percentage points YoY), and the R&D expense ratio was 8.54% (up 2.61 percentage points YoY) [3] Financial Performance - The company's revenue in 2024H1 was 4.604 billion yuan (down 32.19% YoY), with net profit attributable to shareholders of 530 million yuan (down 66.97% YoY) [3] - The company's revenue in Q2 2024 was 2.082 billion yuan (down 27.10% YoY), with net profit attributable to shareholders of 227 million yuan (down 43.86% YoY) [3] - The company's gross profit margin in 2024H1 was 53.37% (down 8.37 percentage points YoY), and the net profit margin was 11.44% (down 12.17 percentage points YoY) [3] - The company's sales expense ratio in 2024H1 was 23.41% (up 0.96 percentage points YoY), and the R&D expense ratio was 8.54% (up 2.61 percentage points YoY) [3] Product Performance - The company's cardiovascular and cerebrovascular products revenue in 2024H1 was 2.314 billion yuan (down 7.86% YoY), with a gross profit margin of 52.77% (down 7.76 percentage points YoY) [4] - The company's respiratory system products revenue in 2024H1 was 1.284 billion yuan (down 58.42% YoY), with a gross profit margin of 65.68% (down 2.54 percentage points YoY) [4] - The company's other patent products revenue in 2024H1 was 160 million yuan (down 42.02% YoY), with a gross profit margin of 51.51% (down 13.14 percentage points YoY) [4] - The company's other products revenue in 2024H1 was 843 million yuan (down 7.54% YoY), with a gross profit margin of 36.62% (down 5.53 percentage points YoY) [4] R&D Progress - The company has 8 products in the pipeline, including 2 in the new drug application stage and 2 in phase III clinical trials [5] - The company has 4 first-class innovative drug varieties in the clinical stage, including Benanluofen injection for postoperative pain, which has completed clinical trials and has been accepted for NDA [5] Financial Forecast - The company's revenue is expected to be 11.227 billion yuan in 2024, 12.013 billion yuan in 2025, and 13.185 billion yuan in 2026 [6] - The company's net profit attributable to shareholders is expected to be 1.450 billion yuan in 2024, 1.563 billion yuan in 2025, and 1.730 billion yuan in 2026 [6] - The company's EPS is expected to be 0.87 yuan in 2024, 0.94 yuan in 2025, and 1.04 yuan in 2026 [6] - The company's P/E ratio is expected to be 17.5x in 2024, 16.2x in 2025, and 14.6x in 2026 [6]