赛恩斯：2024H1扣非业绩预增52.5%-83.0%，业务结构优化带动利润率提升

Investment Rating - The report maintains a "Buy" rating for the company [4][20]. Core Views - The company expects a significant increase in its performance for H1 2024, with revenue projected to be between 350-360 million yuan, representing a year-on-year growth of 30.4%-34.2%. The net profit attributable to the parent company is expected to be between 115-125 million yuan, showing a year-on-year increase of 216%-243%. The non-recurring profit is projected to be between 50-60 million yuan, reflecting a year-on-year growth of 52.5%-83.0% [2][12]. Summary by Relevant Sections Business Development - The collaboration with Zijin Mining has deepened, with related transactions amounting to 281 million yuan in 2023, a year-on-year increase of 98.8%, accounting for 34.7% of the company's revenue. The company has expanded its business with Zijin across multiple mines and has continued to push its overseas layout [3][8]. Financial Forecast and Valuation - The forecast for net profit attributable to the parent company for 2024-2026 is 202 million (including 61.63 million yuan in investment income), 219 million, and 237 million yuan, respectively. The corresponding PE ratios are 12.9x (excluding investment income 18.7x), 11.9x, and 11.0x [4][12]. Performance Metrics - The company anticipates that the growth rate of net profit attributable to the parent company will significantly exceed that of non-recurring net profit due to a change in accounting treatment for its 39% stake in Zijin Reagents, which will contribute an investment income of 61.63 million yuan [8][12]. Incentive Plans - The company's stock incentive plan for 2024 sets a revenue growth target of no less than 35%. The plan covers the period from 2023 to 2025, with specific revenue milestones that have already been met for 2023 [9][12]. Profitability Improvement - The non-recurring net profit margin for H1 2024 is expected to be between 14.3%-16.7%, an increase of 2.1 percentage points to 4.4 percentage points year-on-year, driven by an improved business structure with a higher proportion of revenue from operational services and product sales [12].