Aurisco(SH:605116) Tai Ping Yang·2024-07-11 04:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.00, compared to the last closing price of 25.28 [1][10]. Core Views - The company's Q1 performance exceeded market expectations, with significant growth in both the formulation and peptide businesses. The sales of Dydrogesterone tablets are gradually increasing, contributing to the overall revenue growth [2][10]. - The company is expected to achieve a net profit attributable to shareholders of 1.75 to 2.15 billion yuan for the first half of 2024, representing a year-on-year increase of 82% to 124% [10]. - The report highlights the company's strategic focus on integrating raw materials and formulations, which is anticipated to accelerate the sales of Dydrogesterone tablets [10]. Financial Summary - The company's revenue is projected to grow from 1,263 million yuan in 2023 to 2,559 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 23.61% [12]. - The net profit attributable to shareholders is expected to increase from 400 million yuan in 2024 to 676 million yuan in 2026, with a net profit growth rate of 30% [12]. - The diluted earnings per share (EPS) is forecasted to rise from 0.71 yuan in 2023 to 1.66 yuan in 2026, indicating strong profitability growth [12].