以岭药业：业绩短期承压，期待下半年恢复

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests maintaining attention on the company due to its position as a leader in innovative traditional Chinese medicine [4]. Core Viewpoints - The company reported a revenue of 4.604 billion yuan for the first half of 2024, a year-on-year decrease of 32.19%, and a net profit attributable to shareholders of 530 million yuan, down 66.97% year-on-year [6]. - The sales of respiratory products are under pressure, while the overseas market is accelerating its development, with overseas revenue reaching 150 million yuan, a year-on-year increase of 45.21% [6]. - The company has a rich product pipeline and continues to advance innovative traditional Chinese medicine research, with R&D investment reaching 411 million yuan, accounting for 8.92% of revenue [6]. Summary by Relevant Sections Financial Performance - In H1 2024, the cardiovascular products generated revenue of 2.314 billion yuan, down 7.86% year-on-year, while respiratory products saw revenue of 1.284 billion yuan, down 58.42% year-on-year [6]. - The gross margin for cardiovascular products was 52.77%, a decrease of 7.76 percentage points, and for respiratory products, it was 65.68%, a decrease of 2.54 percentage points [6]. Revenue and Profit Forecast - The company expects revenues of 11.386 billion yuan, 12.541 billion yuan, and 13.717 billion yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 10.35%, 10.14%, and 9.38% [6]. - The net profit attributable to shareholders is projected to be 1.532 billion yuan, 1.758 billion yuan, and 1.988 billion yuan for the same years, with growth rates of 13.26%, 14.79%, and 13.07% [6]. Valuation Metrics - The earnings per share (EPS) are expected to be 0.92 yuan, 1.05 yuan, and 1.19 yuan for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 13.70% [6]. - The price-to-earnings (P/E) ratio is projected to be 16.5, 14.4, and 12.7 for the years 2024, 2025, and 2026, respectively [7].