Jinwu Financial News | China Post Securities issued a research report stating that Consun Pharma (01681): achieved revenue of 1.269 billion yuan in H1 2024 (+13.30%); achieved a net income attributable to the parent company of 0.4 billion yuan (+14.91%); gross margin of 74.69%, flat year-on-year; good cost control, sales expense ratio of 32.47% (+0.14pct), absolute decrease in management expenses, promoting a 1.59pct decline in management expense ratio to 10.62%; net margin attributable to the parent company of 31.51% (+0.44pct), demonstrating a steady and upward profit capability.
The bank continued to point out that in the first half of 2024, the company implemented major measures such as optimizing the authorized management system, strengthening clinical academic research, upgrading compliance department settings, and reforming the OTC marketing structure, thus achieving a trade-off between quality and price under the situation of expanding centralized procurement. In the second half of the year, the company will further consolidate its development foundation, improve management efficiency, clarify strategic planning and implementation, optimize budget assessment mechanisms, fully implement the work policy of "stable growth, strong compliance, and internal strength training" for the whole year, and achieve high-quality sustainable development.
The bank predicts that the company's revenue for the years 2024-2026 will be 2.901/3.272/3.694 billion yuan respectively, with net income attributable to the parent company of 0.893/1.022/1.17 billion yuan respectively, corresponding to EPS of 1.06/1.21/1.38 yuan/share, and the current latest closing price corresponds to PE ratios of 5.22/4.56/3.99 times respectively, maintaining a "buy" rating.
