Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant profit growth driven by both new and existing products, with a notable increase in revenue and net profit [1] - The company reported a revenue of HKD 30.75 billion, a year-on-year increase of 5.87%, and a net profit of HKD 3.88 billion, up 158.59% year-on-year [1] - The report highlights a substantial decrease in expenses, leading to a rapid recovery in profits, with a total expense ratio of 56.98%, down 13.38 percentage points year-on-year [1] - The oncology segment generated revenue of HKD 11.41 billion, a year-on-year increase of 25.3%, while the central nervous system segment saw revenue of HKD 8.23 billion, up 20.9% [1] - The company has received approvals for five products in China and the U.S. during the reporting period, enhancing its product portfolio [1] Financial Performance Summary - Revenue projections for 2024-2026 are estimated at HKD 68.12 billion, HKD 83.98 billion, and HKD 99.23 billion, with year-on-year growth rates of 11%, 23%, and 18% respectively [2] - Net profit forecasts for the same period are HKD 7.76 billion, HKD 12.41 billion, and HKD 15.94 billion, with growth rates of 46%, 60%, and 28% respectively [2] - The company’s gross margin is expected to improve from 68.44% in 2023 to 71.50% in 2024, reaching 73.79% in 2025 [3] - Return on equity (ROE) is projected to increase from 4.25% in 2023 to 10.14% by 2026 [3] Product Development and Market Position - The company is focusing on expanding its product matrix, with new products like Erzofri and 金悠平 receiving market approvals [1] - The report indicates that the company is well-positioned for growth in the central nervous system and oncology markets, with a clear path for future revenue generation [1][2]
绿叶制药：24H1利润增厚显著，新老产品共同发力