复星医药深度报告：创新药板块表现出色，持续转型升级

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [1]. Core Views - The company is experiencing a transformation with strong performance in the innovative drug sector, despite a decline in overall revenue due to the drop in COVID-related product sales [1][8]. - The company is expected to see revenue growth driven by the launch of high-margin biopharmaceuticals and a diversified product portfolio [1][32]. Financial Performance Summary - For H1 2024, the company reported revenue of 20.463 billion yuan, a year-on-year decline of 4%, but a 5% increase excluding COVID-related products [1]. - The net profit attributable to shareholders for H1 2024 was 1.225 billion yuan, down 31% year-on-year, with a non-recurring net profit of 1.254 billion yuan, down 9% [1][11]. - The company expects revenues of 44.73 billion yuan, 49.46 billion yuan, and 54.53 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 8%, 11%, and 10% [2][32]. Business Segment Analysis - Pharmaceuticals: Revenue for the pharmaceutical segment was 14.7 billion yuan in H1 2024, down 8% year-on-year, with a gross margin of 55% [1][16]. - Medical Devices: The medical device segment generated 2.1 billion yuan in H1 2024, a 7% decline year-on-year, with a gross margin of 50% [1][16]. - Healthcare Services: Revenue from healthcare services reached 3.7 billion yuan in H1 2024, up 17% year-on-year, with a gross margin of 24% [1][16]. Research and Development - The company has increased its R&D investment, with a total of 2.737 billion yuan allocated in H1 2024, representing a 9% decrease year-on-year [1]. - The company has received approvals for multiple innovative drugs, enhancing its growth momentum in the innovative drug sector [1][6]. Market Position and Strategy - The company is focusing on expanding its product pipeline through self-developed, co-developed, and licensed products, particularly in oncology and autoimmune diseases [6][7]. - The company aims to enhance its international presence and innovation capabilities, contributing to future revenue growth [1][32].