singaporecambodiaseagamesfootball|以岭药业(002603)：研发管线丰富 非呼吸类产品稳健增长

Institution: Western Securities

Researcher: Yang Huan

Event: Yiling Pharmaceutical (002603) released its annual report in 2023 and quarterly report in 2024, and the company achieved revenue in 2023.Singaporecambodiaseagamesfootball. 1.8 billion yuan (compared with the same period last year)-17Singaporecambodiaseagamesfootball.67%), the net profit of returning to the mother was 1.352 billion yuan (year-on-year-42.76%), deducting the non-return-to-mother net profit of 1.265 billion yuan (year-on-year-45.58%).SingaporecambodiaseagamesfootballIn the first quarter of 2024, the company achieved revenue of 2.523 billion yuan (year-on-year-35.89%), net profit of 304 million yuan (year-on-year-74.73%), and non-return net profit of 292 million yuan (year-on-year-75.18%).

Under multi-factor performance pressure, non-respiratory products maintain a good situation. In terms of products, in 2023, the company's revenue from cardio-cerebrovascular / respiratory system / other patented products / other products respectively reached 47.09 billion yuan (3305) and 4.35 billion yuan, respectively, compared with the same period last year. + 12.71%, 51.90%, 13.82%, 71.43%, respectively. It is expected that respiratory products will be caused by the high base and high social inventory in the same period.SingaporecambodiaseagamesfootballUnder the influence of factors such as the decline of market demand, the non-respiratory category maintained a good situation. In 2023, the company's sales gross profit margin is 57.28% (year-on-6.49pcts) and 2024Q1 sales gross profit margin is 51.48% (year-on-13.48pcts). It is expected that due to the rise in raw materials and the decline in the proportion of high-margin continuous flower products, the sales expense rate / management expense rate / financial expense rate / R & D expense rate in 2023 is 26.21%, 5.74%, 0.26%, 8.27%, respectively. Respectively compared with the same period last year + 0.21pcts/+0.86pcts/+0.1pcts/+0.04pcts, R & D investment continued to increase.

The research and development of traditional Chinese medicine is advancing steadily, and the research pipeline is rich. Tongluo Mingmu capsule for the treatment of diabetic retinopathy was approved to go on the market in 2023; patented traditional Chinese medicine Lianhuaqingke tablet changed from prescription to over-the-counter; "Tongxinluo capsule ischemic stroke, Lianhua Qingwen granule in the treatment of influenza in children, Yangzheng Xiaoji capsule to improve the quality of life of patients with advanced non-small cell lung cancer and Xia Liqi capsule in the treatment of benign prostatic hyperplasia and other evidence-based medicine studies have been successfully revealed. The paper "Research on Myocardial Protective effect of Chinese Tongxinluo in the treatment of Acute Myocardial Infarction" was published in the Journal of American Medical Association (JAMA), influencing factor 120.7.

Give a rating of "overweight". It is estimated that the net profit from 2024 to 2026 will be RMB 15.76, 1.847, 1.170 million, compared with + 16.5%, 17.2%, 17.5%, 0.94, 1.11, 1.30 and 20.0x/17.0x/14.5x, respectively. Taking into account the company's unique collateral disease theory under the guidance of patented new drug research and development and academic marketing promotion model, given a "holding" rating.

Risk hints: policy adjustment risk, R & D innovation risk, cost rising risk.

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