KELUN PHARMA(002422) 东海证券·2024-08-31 03:04Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance exceeded expectations with a 9.52% year-on-year increase in revenue for H1 2024, reaching 11.827 billion yuan, and a 28.24% increase in net profit attributable to shareholders, amounting to 1.800 billion yuan [4] - The infusion product structure continues to optimize, with a 3.11 percentage point increase in the proportion of closed infusion products in H1 2024, despite a 7.15% decline in revenue from the large infusion segment [4] - The raw material drug intermediates experienced rapid growth, with a 38.09% increase in revenue to 3.273 billion yuan in H1 2024, driven by strong market demand and increased production [4] - The company is on track for innovation with expected launches of four new products in the coming year, contributing to future revenue growth [5] - Revenue projections for 2024-2026 are estimated at 23.639 billion yuan, 25.875 billion yuan, and 28.042 billion yuan respectively, with net profits of 2.917 billion yuan, 3.440 billion yuan, and 4.018 billion yuan [5] Summary by Sections Financial Performance - H1 2024 revenue was 11.827 billion yuan, up 9.52% year-on-year, with net profit of 1.800 billion yuan, up 28.24% [4] - Q2 2024 revenue reached 5.608 billion yuan, a growth of 8.66%, and net profit was 0.774 billion yuan, increasing by 31.33% [4] Product Segments - The large infusion segment generated 4.667 billion yuan in revenue, down 7.15%, while non-infusion drug sales reached 2.020 billion yuan, up 6.38% [4] - The antibiotic intermediates and raw materials segment saw a revenue increase of 38.09% to 3.273 billion yuan, with significant growth in key products [4] Innovation and Future Outlook - The company anticipates the launch of four innovative products within the next year, which are expected to enhance revenue [5] - The report forecasts steady growth in revenue and net profit for the next three years, indicating a positive outlook for the company's financial health [5]