SHENYANG XINGQI PHARMACEUTICAL CO.(300573) 东方证券·2024-09-03 02:12Investment Rating - The report maintains a "Buy" rating for the company with a target price of 122.50 CNY [4][2]. Core Insights - The company reported significant revenue growth, achieving 892 million CNY in revenue for the first half of 2024, a year-on-year increase of 30.10%, and a net profit of 169 million CNY, up 92.95% year-on-year [1]. - The eye drop segment saw accelerated revenue growth, particularly due to the launch of low-concentration atropine, which contributed to a 62.97% increase in revenue for this product line [1]. - The company has a rich product pipeline with 58 approved ophthalmic drugs, including 35 listed in the medical insurance directory, which supports its revenue base [1]. Financial Performance Summary - For the first half of 2024, the company achieved a gross profit margin of 80.3%, with net profit margins projected to reach 19.7% by 2024 [2][12]. - The forecasted net profits for 2024, 2025, and 2026 are 501 million CNY, 734 million CNY, and 970 million CNY respectively, indicating strong growth potential [2][12]. - The company's earnings per share (EPS) is projected to be 2.87 CNY for 2024, increasing to 5.56 CNY by 2026 [2][12].