ASK PHARM(002755) 国元证券·2024-09-06 11:08Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has achieved significant revenue growth, with a 29.6% year-on-year increase in revenue for the first half of 2024, reaching 920 million yuan, driven by strong sales in anti-infection and chronic disease products [1]. - The company has reported a net profit of 75.59 million yuan for the first half of 2024, marking a turnaround with consecutive quarters of profitability [1]. - The company is focusing on cost management, resulting in improved profitability, with a notable reduction in management expenses by 6.2% year-on-year [1]. - The company is expected to experience a growth phase in its innovative transformation, with projected revenue growth rates of 13.03%, 20.90%, and 18.98% for 2024-2026 [1]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 920 million yuan, with a net profit of 75.59 million yuan and a non-recurring net profit of 55.14 million yuan [1]. - The revenue breakdown shows that the anti-infection segment generated 260 million yuan (up 132.31% year-on-year), while the chronic disease segment reached 160 million yuan (up 60.2% year-on-year) [1]. - The company has submitted a new drug application for an EGFR third-generation inhibitor for first-line treatment of non-small cell lung cancer, which was accepted by the National Medical Products Administration in August 2024 [1]. - The company’s operating costs increased by 22.0% year-on-year to 170 million yuan, while sales expenses rose by 22.7% to 520 million yuan, both growing slower than revenue [1]. - Research and development expenses decreased significantly from 330 million yuan to 180 million yuan (down 44.2% year-on-year) due to the completion of major clinical trials [1]. Earnings Forecast - The company is projected to achieve net profit growth rates of 122.85%, 120.45%, and 122.48% for the years 2024-2026, with corresponding earnings per share (EPS) of 0.04, 0.08, and 0.18 yuan per share [2].