20240321-招银国际-石药集团-01093.HK-New_products_to_contribute_meaningful_revenue_in_2024_6页_1mb

报告摘要

Revenue: RMB31.45 billion, +1.7% YoY, in line with estimates.
Net profit: RMB5.87 billion, -3.6% YoY, impacted by price erosion of products like Keaili and vitamin C; adjusted net profit improved 2.8% YoY.
GP margin decreased to 70.5% due to factors such as price drops; other metrics like receivables turnover days increased to 63 days.
Sales of finished drugs totalled RMB25.64 billion, +4.6% YoY, but half-year growth was flat due to regulatory influences.

CNS segment sales grew 12.1% to RMB9.09 billion, driven by NBP; oncology sales declined -16.4% due to Keaili price cuts.
New products expected to contribute RMB3.5-3.6 billion annually by 2024, including drugs like Mingfule (recently approved), Yiluoda, and others; two are under US FDA review.
Cuttings pipeline includes drugs added to NRDL and studies on GLP-1RA and ADC therapies.

Maintain BUY rating, with revised target price HK$7.76 (down 21.1% from previous).
Project revenue growth of 10.6% and 9.7% in earnings for 2024E and 2025E, respectively, reflecting reduced forecasts.
Analyst certification confirms personal views and no conflicts.

Price erosion from centralized procurement affecting products like Duomeisu and vitamin C, with potential inclusion in national programs.
Regulatory and market competition factors; financial investments and R&D investments show steady growth.

展开完整摘要