Founder Securities: the revenue growth rate of the pharmacy sector slows down, and the concentration is expected to accelerate.
The individual account reform of medical insurance has led to a decrease in personal account income, affecting pharmaceutical sales and pharmacy business relying on individual account payments. In 2023, pharmacy medical insurance personal account expenditures decreased by 9%, and this trend is expected to continue in 2024.
gtja: The pharmaceutical sector has differentiated in the first half of the year, and the improvement trend of innovative leaders is significant.
In the first half of the year, the performance of the pharmaceutical sector continues to diverge, with outstanding performance in chemical medicine and biopharmaceuticals. Among them, innovative themes are even better, traditional Chinese medicine and circulation are slightly under pressure in the short term, with valuations still at a temporarily low level. Bullish on bottom allocation value, bullish on leading sub-sectors.
haitong int'l: Maintains the "outperform" rating on innovent bio (01801), with the target price raised to HKD 67.8.
haitong int'l believes that innovent bio (01801) is expected to achieve its goal of turning adjusted EBITDA loss into profit by 2025.
Haitong Int'l raises the target price of Innovent Bio (01801.HK) to 67.8 yuan. The business strategy is being steadily executed.
Haitong International has released a report stating that Innovent Bio (01801.HK) achieved a total revenue of 3.95 billion yuan in the first half of the year, a year-on-year increase of 46.3%. The product revenue was 3.81 billion yuan, a year-on-year increase of 55.1%. The company incurred a loss of 0.39 billion yuan during the period, compared to a loss of 0.14 billion yuan in the same period last year. The report points out that Innovent Bio achieved strong revenue growth in the first half of the year, with product revenue reaching 3.81 billion yuan, a year-on-year increase of 55.1%. The bank believes that the rapid growth in product revenue is mainly due to the outstanding sales performance of Tyvyt and three other similar biopharmaceutical products, as well as the rapid growth in sales of new products such as Sulimert and Reumatone, which have added momentum to the revenue growth.
Is the chain of pharmacies entering a "mini ice age"? H1 growth rate "downgrades", the industry's high-growth stores may reach turning point.
①The growth rate of total sales revenue of retail pharmacies has slowed down, and the competition continues to intensify. In the first half of this year, major leading chain drugstores found it difficult to increase revenue and profit; ②In the future, the focus of pharmacy competition will shift to product extension and services. According to Zhongkang Industry Research Institute, the growth rate of pharmaceuticals in all terminals is expected to decrease to 4.9% in 2024, compared to the decline in 2023.
Sinolink Securities: The large pharmaceutical sector is a key point in the mid-year report, and it is expected to see a overall recovery in the pharmaceutical sector in the second half of the year.
Looking forward to the second half of the year, with the decline in the base, the recovery of purchasing sentiment, and the stabilization of policy expectations, we are bullish on the recovery of demand for pharmaceutical and medical device in-hospital and the improvement of performance. The pharmaceutical sector is expected to see a overall turnaround in the second half of the year.