Youcare Pharmaceutical (688658) Tebon Securities·2024-09-01 06:31Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company reported a revenue of 1.95 billion yuan for the first half of 2024, a year-on-year decrease of 11.36%, and a net profit attributable to shareholders of 119 million yuan, down 42.75% year-on-year [3] - The company is increasing its R&D investment, with R&D expenses rising by 12.21% compared to the same period last year, leading to a slight decline in gross margin to 58.30%, down 8.1 percentage points year-on-year [3] - The company is advancing its product pipeline, with significant developments including the acceptance of the NDA application for Hydroxy Safflower Yellow A and the completion of Phase III clinical trials for several products [3] - Future profit forecasts estimate net profits of 301 million yuan, 381 million yuan, and 459 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 28.3, 22.3, and 18.5 [3] Financial Summary - The company achieved a total revenue of 4.196 billion yuan in 2023, projected to decrease to 4.077 billion yuan in 2024, before increasing to 4.601 billion yuan in 2025 and 5.067 billion yuan in 2026 [4][5] - The net profit for 2023 was 185 million yuan, expected to rise to 301 million yuan in 2024, 381 million yuan in 2025, and 459 million yuan in 2026 [4][5] - The gross margin is projected to be 62.7% in 2023, slightly decreasing to 62.3% in 2024, and then recovering to 63.3% in 2025 and 64.0% in 2026 [4][5] - The company's total assets were reported at 5.856 billion yuan, with a total market value of 8.514 billion yuan [4]